WHAT YOU NEED TO KNOW: HIGH INCOME CHILD BENEFIT TAX CHARGE (HICBC)

摘要

Child benefit is a tax-free payment paid to parents to support the upbringing of their children. One parent can claim £20.30 a week for an eldest or only child and £13.40 a week for each of their other children. The payments apply to all children aged under 16 and in some cases until they are 20 years old. From 7 January 2013, legislation introduced in Finance Bill 2012 will impose a new charge on a taxpayer who has adjusted net income over £50,000 in a tax year, where either they or their partner is in receipt of child benefit for the year.