The MoneySavingExpert.com team has issued an urgent warning to parents who may be missing out on Child Benefit payments
Martin Lewis' MoneySavingExpert.com website has issued an 'urgent' alert for thousands of families to check their Child Benefit eligibility after a significant change.
The site reminded people from April 6 the threshold for higher income families to start repaying Child Benefit increased. Previously, households with someone earning over £50,000 had to repay some of the benefit, but this limit has now been raised to £60,000. Moreover, the income level at which you have to repay the entire Child Benefit has gone up from £60,000 to £80,000. This means individuals earning between £50,000 and £60,000 are now entitled to the full Child Benefit, while those earning between £60,000 and £80,000 will receive partial support, reports the Mirror.
In its weekly newsletter, the MSE team stated: "Child Benefit high income thresholds raised - URGENTLY check if your family is one of 100,000s set to benefit. The cut-off point at which you start paying back Child Benefit and the point at which you lose all financial entitlement to it BOTH went up on 6 April, for the first time since 2013. These changes will benefit 485,000 families but many need to MANUALLY opt back in.
Child Benefit, a monthly payment for parents or those caring for a child, has seen an increase from £24 per week to £25.60 for the eldest child, and from £15.90 per week to £16.95 for any additional children. To be eligible for Child Benefit, you must be responsible for someone under 16 years of age. However, if your child is in approved education or training, you may continue to claim until they reach 20 years old.
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