HMRC has confirmed that Child Benefit payments will increase in April this year. Payments for Guardian's Allowance top-ups have also been increased.
Child Benefit payments are available to those who are bringing up a child under the age of 16 or below the age of 20 if they are still in full-time education. Guardian's Allowance meanwhile, is paid to those bringing up a child whose parents have died and is paid tax-free on top of Child Benefit.
BirminghamLive has provided a breakdown of the new payment rates. The details of the increase in rates are shown below.
What are the Child Benefit rates for 2023/24?
There are two Child Benefit weekly rates in place:
- Eldest or only child - rising from £21.80 to £24.00 (an increase of £2.20 a week)
- Additional children - rising from £14.45 to £15.90 (an increase of £1.45 a week)
Child Benefit payments are made every four weeks. This means that the parent receiving the money will get £96 per month for their eldest or only child and £63.60 for any additional children. This is up from £87.20 and £57.80, respectively.
Over a year, the payments for your eldest child will increase from £1,113.60 to £1,248. For additional children, the annual sum will be £826.80, which is up from £751.40.
It is important to note that one person can claim the Child Benefit payment. One important factor to bear in mind is that the person who claims will get National Insurance credits towards a State Pension if they are not working or earn less than £242 per week.
What are the Guardian's Allowance rates for 2023/24?
The weekly rate for Guardian's Allowance is currently £18.55 a week. This will increase to £20.40 - up £1.85 - in April.
The payment is made every four weeks. This means that those eligible will receive £81.60 in their accounts, up from the previous figure of £74.20. Over the year, guardians will receive a total of £1,060.80, an increase of £96.20.
