News
Changes To The High Income Child Benefit Charge from 06 April 2024
27 - 03 - 2024
Families may wish to reconsider claiming Child Benefit from 06.04.24 as limits have increased.
The high income child benefit charge is a tax charge that claws back Child Benefit paid where the highest earner in a household earns (for 2023/24) over £50,000pa. Currently once the individual's income goes over £65,000pa for 2023/24 the full amount of Child Benefit received will have been clawed back.
From 06 April 2024 the limits are increasing, meaning that the highest earner in the household can earn up to £60,000pa before the charge is applicable. The upper threshold is increasing to £80,000.
Many families may have chosen not to claim Child Benefit whilst they would have to pay the high income child benefit charge. The ICAEW urges families to assess their position in light of the changes:
If you need further advice on this you can contact our friendly team on 01244 625 500 or contactus@foremansllp.com.
