As the cost of living crisis continues to impact all of us, those in need of extra financial help are awaiting the next cost of living payment.
The £300 payment is being given to eligible households on means-tested benefits such as Universal Credit, Pension Credit or tax credits, with the money due to hit people’s accounts in the coming weeks.
Around eight million households are expected to receive this sum – but if you’re due a Cost Of Living payment, there are some important dates you need to be aware of, so that you know when to expect the money.
Make a note of these in your diary…
Cost Of Living payment – key dates to know
If you’re expecting a cost of living payment, these are the key dates you should be aware of…
October 31
This is when the payments will start arriving in bank accounts for those who are eligible.
The money should be automatically paid into those people’s bank accounts – there is no need to apply for the payment.
It should be paid to you the way you usually receive your benefits or tax credits, with a banking reference of ‘DWP COL’ or ‘HMRC COL’ respectively.
You won’t be eligible if you are only getting New Style ESA, contributory ESA, or New Style JSA.
If you didn’t receive the first Cost of Living Payment, and think you were eligible, contact the government department which usually issues your benefits.
November 10
Those who are claiming tax credits only will receive their payment from HMRC from this date onwards.
This is in keeping with the previous cost of living payment which was sent out later to the one million UK families who receive tax credits and no other benefits – the first payment this year was sent out between May 2 and May 9.
If you’re eligible, it should have been paid to you the way you usually receive your benefits or tax credits, with the same banking reference as above.
November 19
This is the final date for the Cost Of Living payment to be sent out.
If you haven’t received it by this date and you think you are eligible, you should contact the relevant government department.
Who is eligible to receive the Cost Of Living payment?
You’ll be eligible to receive the Cost of Living payment if you claim any of the following:
- Universal Credit
- Income-based Jobseekers Allowance
- Income-related Employment and Support Allowance
- Income Support
- Working Tax Credit
- Child Tax Credit
- Pension Credit
To be eligible for a payment from DWP, you need to have claimed a payment for a qualifying benefit between August 18 and September 17, 2023.
If you qualify for the payment as a result of claiming tax credits, you need to have received a payment of those between August 18 and September 17, 2023.
The Cost of Living payment is tax-free, does not count towards the Benefit Cap, and will not have any impact on existing benefits.
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