Around 1.1 million claimant families receiving tax credits will get their first Cost of Living Payment from next week, HMRC has confirmed. This £326 government payment will be paid automatically into eligible tax credit-only customers’ bank accounts between September 2 and 7, 2022.
The payment is likely to be welcomed by struggling households up and down the country as the cost of living crisis continues to put strain on finances. Nadhim Zahawi, Chancellor of the Exchequer, said there is expected to be further help put in place in the coming months.
He said: "I know people are really concerned by rising prices so I’m glad that over a million more low earners will shortly receive their first Cost of Living Payment. We are also preparing options for further support so the new Prime Minister can hit the ground running.
