Millions of households across the UK are due to receive another cost of living payment from as early as next week.
The Department for Work and Pensions (DWP) will distribute the £300 instalment to eligible households between October 31 and November 19.
This will be the second of three payments totalling up to £900 for those eligible and on means-tested benefits, such as Universal Credit, Pension Credit, or Tax Credits, this fiscal year.
Jeremy Hunt, Chancellor of the Exchequer, commented: “Halving inflation and getting price rises under control is the best way to support households struggling with their bills.
“But it is also right that we are helping the most vulnerable in our society, and this latest cost of living payment is part of a package of support worth £3,300 per household on average over this year and last to help those struggling the most.”
The payment will be sent out automatically and directly to recipients, meaning those eligible do not need to apply, contact the Government, or take any action to claim it.
This includes Tax Credits-only customers, who will receive their next £300 payment directly from HM Revenue and Customs (HMRC) between November 10 and November 19, 2023.
The payment reference for bank accounts will be the person’s National Insurance Number followed by DWP COL or HMRC COLS.
Who is eligible for the cost of living payment?
The full list of benefit recipients that qualify for the second cost of living payment are those who are eligible and receive at least one 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, people need to have been entitled to a payment for a qualifying benefit between August 18, 2023, and September 17, 2023, or payment for an assessment period, ending between these dates.
From HMRC, people need to have received a payment of Tax Credits for any day in the period between August 18, 2023, and September 17, 2023.
These payments are tax-free, will not count towards the benefit cap, and will not have any impact on existing benefit awards.
For joint Tax Credit claimants, where one claimant receives Working Tax Credit and the other claimant receives Child Tax Credit, payments will be made into the same bank account as the Child Tax Credit.
Eligible pensioner households will also receive a further £300 payment later this year as an addition to the Winter Fuel Payment.
For those requiring an extra layer of cost of living support, people are encouraged to visit their council website to find out what extra help is available at a local level.
Councils in England are continuing to offer various forms of support to cover the cost of essentials following a £842million extension attributed to the Household Support Fund this year.
When is the third cost of living payment?
Payment windows and eligibility criteria for the third cost of living payment will be announced in due course, but Britons entitled to the sum can expect to see it in spring 2014.
According to the DWP, the payment will be worth £299.
