HM Revenue and Customs (HMRC) has confirmed when one million households receiving tax credits only will receive their first instalment of the cost of living payments.
According to the government department, those who receive tax credits and no other means-tested benefit will begin to receive the first payment of £301 from Tuesday, May 2. It will be the first of three payments equating to £900 for eligible claims in 2023/24.
Those expecting the payment should keep an eye on their bank accounts as the payment will come with the reference HMRC COLS. In order to be eligible for the payment, claimants must have received a payment of tax credits in the qualifying period between January 26, 2023, and February 25, 2023 - or must have later to be found eligible for a payment.
