Child benefit rates are set to change next month.
The benefit is paid every four weeks, either on a Monday or Tuesday. It is a payment made to people who are responsible for bringing up a child aged below 16 or a young person under 20, if that person is still in full-time education or on certain approved training courses, reported the Daily Record.
While, there is no limit to how many children a parent or guardian can claim for the extra income is also a means-tested benefit. This means that any income below £50,000 and savings do not impact the amount a person receives and you do not need to have paid any National Insurance contributions to get it.
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HM Revenue and Customs (HMRC) recently confirmed changes to Child Benefit and Guardian's Allowance payments from April 11, 2022, which are detailed below.
Child Benefit payment rates for 2022/23
There are two Child Benefit rates in place.
Current rates per week
- Eldest or only child - £21.15
- Additional children - £14.00
New rates per week - from April 2022
- Eldest or only child - £21.80
- Additional children - £14.45
How much is the increase?
This is an increase of 65p and 45p respectively per week and means the new, regular four-weekly payments will be £87.20 for an eldest or only child and £56.00 for any additional children.
Over the next financial year, this means parents will receive an additional £33.80 and £23.40 respectively.
Guardian's Allowance rates from April
The new weekly rate for Guardian's Allowance will be £18.55 - an increase of 55p on the current 2021/22 rate of £18.00.
How is Child Benefit and Guardian's Allowance paid?
The payments come through every four weeks on a Monday or a Tuesday and the claimant will also be awarded National Insurance credits which can count towards their State Pension.
What age do Child Benefit payments stop?
Child Benefit can be claimed for any child below 16 or under 20 if they stay in approved education or training.
What if your circumstances change?
Any changes in circumstances which may affect a claimant’s eligibility must be reported to the Child Benefit office immediately.
What else you need to know
There is no limit on how many children can be claimed for, but only one person can receive Child Benefit.
HMRC have also announced the new allowances for Working Tax Credits and Child Tax Credits - see the new threshold rates on GOV.UK here.
How do earnings affect Child Benefit?
Anyone can claim Child Benefit if they are responsible for a child, but earnings may have an effect on the payments.
If the claimant or their partner earns more than £50,000 a year they will need to pay back some of the Child Benefit as Income Tax.
One per cent of the family’s Child Benefit will need to be paid back for every £100 earned over £50,000 each year.
If over £60,000 is earned in a year then all of the Child Benefit claimed will need to be paid back.
It is possible to stop or restart a claim at any point and free support is available for anyone who needs help with their application.
For more information on Child Benefit, visit GOV.UK, here.
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