One million eligible households receiving tax credits, and no other means-tested benefits, will receive their first 2023-24 cost-of-living payments from Tuesday, May 2. The £301 government payment will be transferred automatically into most customers’ bank accounts between May 2 and 9 2023, across the UK.
Only eligible families who receive tax credits and no other means-tested benefits will receive the payment from HM Revenue and Customs (HMRC). It is the first of three payments, totalling up to £900 for those eligible in 2023-24.
The payment will show as HMRC COLS in bank and building society accounts, so that they know the money is cost-of-living support. For tax credit-only customers to be eligible for the £301 payment, they must have received a payment of tax credits in respect of any day in the period January 26 to February 25 2023, or later be found to have been entitled to a payment for this period.
