Families who receive Tax Credits have started to receive their first £301 cost of living payment on Tuesday morning.
HMRC has confirmed that the money, which is the first instalment of the £900 support package announced by Chancellor Jeremy Hunt during November’s Autumn Statement, started to arrive in people's bank accounts today as planned and the end date for everyone to have received their money is next Tuesday, May 9. Over one million households who currently receive Tax Credits, and no other means-tested benefits will get the payment, with the second and third instalments due later this year and early next.
Payments will be made automatically, so there’s no need to apply. The payment will show as ‘HMRC COLS’ in bank and building society accounts and will be paid into the same account as your Tax Credits. If you have a joint claim, where one person receives Working Tax Credit and the other receives Child Tax Credit, payments will be made into the same bank account as the Child Tax Credit.
