Smart Ideas for Business Growth

Child Benefit Removal!!

10 January 2013

More than a million better-off families will lose some or all of their child benefit, under rules now in force.

 

Families with one parent with a taxable income of more than £50,000 will lose some of the benefit, and it will be withdrawn entirely if one parent earns above £60,000.

This new High Income Child Benefit Charge (HICBC) starts from 7 January 2013.

An HMRC tool can help most combinations of households decide if they are caught by the new charge.

 

Income above £50,000 means paying a charge of 1% of the CB for every £100 of income above that £50,000 base level.

 

So if your income is £57,000 your tax charge equals 70% of the CB received.

Those with income of £60,000 or more will face a tax charge equal to the whole of their household's CB.

 

If you need help and advice regarding the above please contact us!

 

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