Money Wellness
Image of someone counting money. 700,000 people receiving tax credits to get cost of living payment today
category iconcost of living
calendar icon19 Feb 2024

700,000 households to get a £299 boost

Around 700,000 households who receive tax credits and no other qualifying benefits are set to receive their £299 cost of living payment from Friday 16 onwards.

All payments to families receiving tax credits will have been paid by 22 February according to the HMRC.

The payment for households claiming tax credits will appear on bank statements as ‘HMRC COLS. It will be paid automatically into bank accounts, so you don’t need to do anything to receive the payment.

However, if you think you’re eligible and haven’t received the payment by the 23 February, you should contact HRMC directly.

Just because you’ve received previous payments, it doesn’t mean you’ll be eligible to get this final one. You must have received tax credits on any day between 13 November 2023 and 12 December 2023 to get the cash boost.

More than 7 million eligible households have already received their £299 since the third instalment was launched on 6 February.

This is the final cost of living payment families will receive and means that households have had an extra £900 in total to help towards rising living costs.

To qualify for the payment, you must have been claiming means-tested benefits such as universal credit, pension credit or tax credits during the 2023 and 2024 tax year.

Will there be another cost of living payment in 2024?

Eight million families received a cost of living payment of £900 split into three instalments.

The final instalment began to be paid on 6 February 2024.

No further support payments were announced in the 2023 Autumn Statement and it’s unlikely they will be reintroduced in the Spring Budget in March.

Avatar of Caroline Chell

Caroline Chell

Caroline has worked in financial communications for more than 10 years, writing content on subjects such as pensions, mortgages, loans and credit cards, as well as stockbroking and investment advice.

Related posts

cost of living

18 Jul 2024

UK jobs markets cools but not enough to encourage a summer drop in interest rates

Find out what today’s wage inflation figures mean for your household finances.

cost of living

18 Jul 2024

Tenants choose to stay put despite renewal rents creeping up

Tenants are choosing to stay put instead of moving to new homes despite renewal rates rising faster than the rental market, according to new data.

cost of living

17 Jul 2024

Inflation remains unchanged at 2%

June’s figures from the Office for National Statistics show inflation remained steady in June at 2%. Find out what it means for your money and the impact it could have on interest rates.

cost of living

28 Jun 2024

UK travellers cut back on holidays due to cost-of-living crisis

Find out how to save money on your holidays.