Around 1.1 million claimant families receiving tax credits will get their first cost of living payment next month, HM Revenue and Customs (HMRC) has confirmed. This £326 government payment will be paid automatically into eligible tax credit-only customers’ bank accounts starting from Friday, September 2, up until September 7.
The first HMRC payments will total around £360 million. Nadhim Zahawi, Chancellor of the Exchequer, said that further support options are also being considered so that the new Prime Minister can "hit the ground running".
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.
