{"id":26798,"date":"2024-09-02T14:36:59","date_gmt":"2024-09-02T14:36:59","guid":{"rendered":"https:\/\/www.moorethompson.co.uk\/?p=26798"},"modified":"2024-09-02T14:36:59","modified_gmt":"2024-09-02T14:36:59","slug":"high-income-child-benefit-charge-could-you-now-be-eligible-to-claim","status":"publish","type":"post","link":"https:\/\/www.moorethompson.co.uk\/blogs\/high-income-child-benefit-charge-could-you-now-be-eligible-to-claim\/","title":{"rendered":"High Income Child Benefit Charge \u2013 Could you now be eligible to claim?"},"content":{"rendered":"

 <\/p>\n

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 <\/p>\n

By Heather Bright.<\/strong><\/p>\n

It\u2019s that time again \u2013 HM Revenue & Customs (HMRC) may have recently reached out to you, if your child has reached 16, to confirm if they are staying in higher education and thus still eligible for Child Benefit.<\/p>\n

<\/p>\n

In addition, earlier this year, significant changes were made to the income thresholds for HICBC, which means it might be time to revisit whether you can now benefit.<\/p>\n

New thresholds could mean new opportunities<\/strong><\/p>\n

Previously, if your or your partner\u2019s income exceeded \u00a350,000, you might have ceased claiming Child Benefit due to the HICBC.<\/p>\n

The charge was triggered when income surpassed \u00a350,000, with full repayment required at \u00a360,000.<\/p>\n

However, as of the 2024\/25 tax year, these thresholds have increased significantly.<\/p>\n

The threshold has been moved up from \u00a350,000 to \u00a360,000, and the taper point has shifted from \u00a360,000 to \u00a380,000.<\/p>\n

This change is crucial, including for those whose children are continuing in higher education after turning 16.<\/p>\n

If you previously stopped claiming Child Benefit because your income was just over the \u00a350,000 mark, you might now find that you\u2019re eligible to claim again without facing the full impact of the HICBC.<\/p>\n

Why this matters now<\/strong><\/p>\n

If you have a child who is still in full-time education, you could be entitled to Child Benefit.<\/p>\n

With the increased income thresholds, even if your earnings are between \u00a360,000 and \u00a380,000, you\u2019ll only need to repay a portion of the benefit, making it worthwhile to claim.<\/p>\n

This is a significant shift, particularly for those who had previously opted out of receiving Child Benefit to avoid the HICBC.<\/p>\n

Now, you could potentially reclaim these benefits under the new rules, which could provide valuable support as your child continues their education.<\/p>\n

Who needs to pay attention?<\/strong><\/p>\n

The message here is not aimed at those who have never been able to claim Child Benefit but at those who previously chose not to due to the income thresholds.<\/p>\n

With the changes in place, it\u2019s time to reassess whether you can now claim.<\/p>\n

If you or your partner\u2019s income now falls within the new \u00a360,000 to \u00a380,000 bracket, you should consider the potential benefits of claiming Child Benefit again.<\/p>\n

The HICBC would only require a partial repayment, making it a financially viable option.<\/p>\n

What should you do next?<\/strong><\/p>\n

Review your current situation, especially if you\u2019ve got children over 16 in full-time education.<\/p>\n

It\u2019s crucial to determine whether reclaiming Child Benefit under the new thresholds would benefit your family.<\/p>\n

Check when your child benefit claim stopped and consider reapplying if your income falls within the new limits.<\/p>\n

The changes in thresholds are a welcome relief and could make a significant difference.<\/p>\n

Should you discover that you can now reclaim Child Benefit, act promptly.<\/p>\n

Even if you\u2019re uncertain about how these changes might affect you, seeking professional advice is a wise move to ensure you\u2019re making the most of the available benefits.<\/p>\n

Navigating these changes can be complex, but we\u2019re here to help you make the best decisions for your family \u2013 <\/strong>please get in touch with us today<\/strong><\/a>. <\/strong><\/p>\n

Email me directly at <\/strong>heather@mooret.co.uk<\/strong><\/a> or call 01775 711333.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

    By Heather Bright. 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