Cost of living payment to be rolled out to thousands – see if you qualify for DWP COL

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Hundreds of thousands of households will obtain a value of living payment at this time within the remaining value of living funds for many.

Around 700,000 households, who obtain tax credit and no different qualifying advantages, will obtain a £299 value of living payment from Friday.

HM Revenue and Customs (HMRC) is making the funds to eligible tax credit prospects throughout the UK between February 16 and 22 2024.

More than seven million eligible UK households have already obtained the £299 payment immediately from the Department for Work and Pensions (DWP), which is making funds between February 6 and 22.

It is the third of three funds in 2023/24 totaling up to £900 for these eligible and on means-tested advantages, which additionally embrace common credit score and pension credit score.

If you’re getting tax credit from HMRC and a low earnings profit from DWP, you can’t get a Cost of Living Payment from each HMRC and DWP. You will normally be paid by DWP solely.

Payments from HMRC will seem on financial institution statements as “HMRC COLS”, referring to value of living assist. As funds are automated, there isn’t a want to apply for them.

Those receiving the payment from DWP will see the payment reference as their nationwide insurance coverage quantity adopted by “DWP COL”.

Payments are tax-free, is not going to depend in the direction of the profit cap, and won’t have any affect on present profit awards.

Myrtle Lloyd, HMRC director normal for buyer providers, mentioned: “The £299 cost of living payment will deliver further financial support to eligible tax credits customers across the UK. To make things as simple as possible, the payment is made automatically with no action required from HMRC’s customers.”

What different winter advantages are there?

There are three key assist schemes accessible to individuals as chilly climate hits within the winter months:

Cold Weather Payments

A chilly snap at the beginning of the yr noticed many postcodes qualify for the Cold Weather Payment. If you dwell in an space that has skilled seven or extra days of temperatures at or beneath zero, you are eligible for £25 for each seven days of chilly. In Scotland, this scheme was not too long ago changed with the Winter Heating Payment.

Warm Home Discount

If you are on a low-income and have excessive power prices, you may get a one-off £150 payment to assist together with your payments. You will even qualify if you get the Guarantee Credit aspect of Pension Credit. The low cost ought to be utilized to your power payments between October 2023 and March 2024. The scheme works barely in a different way for Scottish candidates.

You ought to obtain a letter in January 2024 if you would possibly be eligible. If you don’t, you ought to contact the DWP earlier than 29 February 2024.

Winter Fuel Payment

You will routinely qualify for this if you are over the state pension age (66 years previous) and dwell within the UK. The low cost grants you between £250 and £600 to assist pay your heating payments. You don’t want to apply if you at the moment obtain a state pension, or most different advantages. If you don’t, you may have to apply.

The low cost cash ought to have routinely entered your account in October or November.

If individuals haven’t obtained the payment they had been anticipating from HMRC between the deliberate payment dates, however imagine they’re eligible, they need to wait till after February 23 to get in contact, HMRC mentioned. This is to permit time for their financial institution, constructing society or credit score union to course of the payment.