HM Revenue and Customs (HMRC) has announced that over one million households currently receiving Tax Credits, and no other means-tested benefits from the Department for Work and Pensions (DWP), will receive the £301 cost of living payment between May 2 and 9, 2023.
Newly updated guidance on the UK Government’s dedicated cost of living page states that payments will be made automatically, so there’s no need to apply. You will be eligible for the first part of the £900 means-tested cost of living support if you received a payment of Tax Credits for any day in the period January 26, 2023 to February 25, 2023 - or you are later found to have been entitled to a payment for this period.
The payment will show as ‘HMRC COLS’ in bank and building society accounts, so that they know the money is cost of living support. HMRC said people might find that their payment is delayed if they have recently closed the bank account into which their Tax Credits are usually paid.
