Child benefit can be claimed by most parents but for those on high incomes, certain costs may arise. People may have to pay the HICBC if they have an individual income over £50,000 and either they or their partner gets child benfit or, someone else gets child benefit for a child living with them and they contribute at least an equal amount towards the child’s upkeep.
Claimants who earn between £50,000 and £60,000 per year will have to repay a portion of their child benefit as extra income tax.
One percent of the family’s child benefit will have to be paid back for every extra £100 earned over £50,000.
If either parent has an income of more than £60,000 a year, they’ll have to repay all their child benefit payments.
These repayments are usually paid through a self assessment but recently, a decision from the Upper Tribunal may impact how the process works, affecting thousands of families in the process.
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This ruling could have drastic ramifications for child benefit claimants as Kay Ingram, a Public…
