Payments will increase by 3.1 percent in a couple of months, along with several other benefits including Universal Credit. The reason behind the pe
Payments will increase by 3.1 percent in a couple of months, along with several other benefits including Universal Credit. The reason behind the percentage increase is down to the rising cost of living.
This is also seen with the State Pension, which will go up to £288.60 a year, and Universal Credit, which will rise up to as much as £189.72 for couples.
There are millions of families across the UK that receive Child Benefit payments, but not every family is able to receive this financial aid.
How much is it now?
There are two child benefit rates, one for the eldest child and another for any further children.
Currently parents will receive £21.15 a week for their eldest child or their only child.
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This is £84.60 a month or slightly over £1,000 a year.
Any child after that works out at £14 a week.
This is £56 a month or slightly over £700 a year.
These current rates of child benefit will rise by 3.1 percent from April 2022 for the year through to April 2023.
How much will it rise by?
HMRC have confirmed that for the first child, or only child, parents can expect to receive £21.80 a week.
For each subsequent child, they will receive £14.45 a week.
Per year, that works out at an extra £33.80 and £23.40 respectively for each rate.
Child benefit payments are usually sent out every four weeks, on a Monday or a Tuesday.
But single parents on other benefits, like Income Support, can get it on a weekly basis.
People can get the money paid into any account, apart from a Nationwide cashbuilder account in someone else’s name.
To apply for child benefit, people can go to the gov.uk and apply there.
Only one person can get the benefit for the child or children though so parents should decide which person will get it.
Britons can qualify for child benefit if they live in the UK, and they are responsible for a child under 16.
The support can also be claimed for a child under 20 if they stay in approved education or training.
To be considered responsible for a child, someone will need to live with them or be paying at least the same amount as child benefit rates to look after them – for example on food, clothes or pocket money.
People won’t be able to get the full amount of child benefit if they earn over £50,000 and they will get nothing at all if they earn over £60,000.