Money Wellness
Image of someone looking inside a coin purse where there is some change. Final cost of living payment - are you eligible and how to claim
category iconcost of living
calendar icon06 Feb 2024

Millions to receive £299 cost of living support today

Low-income families will start to receive the final instalment of their cost-of-living payments from today.

But don’t panic if it doesn’t land in your bank account immediately as the payment are being sent out in stages between now and February 22, according to the Department of Work and Pensions (DWP).

Those who only claim tax credits from HMRC, won’t receive the money until at least February 16.

All payments will be sent out automatically so people who’re eligible don’t need to apply for it. It’ll show in your bank account as your National Insurance Number followed by DWP COL or HMRC COLS.

However, if you believe you’re entitled to the £299 support and haven’t received it by February 22, you should fill out the form at www.go.uk from February 23 onwards.

This is the final cost of living payment and it’s unlikely to be repeated with the government stating it’s now focused on cutting taxes for hard working people to help them keep more of what they earn and drive down the cost of living.  

The last instalment of cost-of-living support comes just before the closure of the household support fund at the end of March.

Launched in 2021, the household support fund provides money or vouchers to those on a low income to help with the cost of energy, food, clothes, and white goods.

The household support fund is run by local councils so what you’ll get and how much will depend on how your council has decided to spend its allocation of the fund.

Some councils have already closed their applications for support from the household support fund, but others are still offering help and will be doing so right up until the March 31 deadline. Visit your local council for further information.

What is the cost-of-living payment

The three one off payments – totalling £900 – were put in place to help those on income related benefits, disability claimants and pensioners with unaffordable rises in living costs.

These payments were made separately to normal payments. They are not taxable and do not affect any of the benefits or tax credits you get.

Who is eligible for the cost-of-living payment

Anyone claiming one of the following benefits will be eligible for the cost-of-living payment:

  • Universal credit
  • Income-based jobseekers allowance
  • Income-related employment support allowance
  • Income support
  • Working tax credit
  • Child tax credit
  • Pension credit

You need to have been claiming one of these benefits between November 13 and December 12 last year to be eligible to receive the third instalment.

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.

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