Property News · January 7, 2013

Child benefit: who is entitled to what


Families with at least one partner earning £50,000 or more will be expected to repay some of the money receivedFrom 7 January families will still be able to receive child benefit, but those with at least one partner earning £50,000 or more will be expected to repay some of the money through a tax charge levied when they fill in a self-assessment tax return. The charge is equal to 1% of every £100 earned in excess of £50,000, which means anyone earning £60,000 or more will have to repay all of their benefit.Benefits received in the 2012/13 tax year will need to be declared and the charge paid in January 2014. Families who do not want to claim the benefit and then have to repay it can contact HMRC to opt out entirely – www.hmrc.gov.uk/stopchbpayments or 0845 302 1444. Continue reading…

Source : theguardian.com
Read more…Child benefit: who is entitled to what

You may also like...