05 November 2024
The High Income Child Benefit Charge (HICBC) changes proposed by the previous government, which would base the charge on household income, are not to be taken ahead.
The labour government budget cancels the plan as it states it would cost a total of £1.4 billion by 2029/30.
However, they are declaring that they will make it easier for individuals to get HICBC right by allowing the charge to be paid via the tax code from 2025 and for child benefit data to pre-populate into self-assessment returns for those not employed and paid via PAYE.
The government also added: “The government will also explore how better data use and sharing across government departments can improve the targeting of economic support to households, especially in times of crisis.”
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