From 7 January families will still be able to receive child benefit, but those with at least one partner earning £50,000 or more will be expected to repay some of the money through a tax charge levied when they fill in a self-assessment taxreturn. The charge is equal to 1% of every £100 earned in excess of £50,000, which means anyone earning £60,000 or more will have to repay all of their benefit.
Benefits received in the 2012/13 tax year will need to be declared and the charge paid in January 2014.
HMRC have produced a flow chart to help you decide how you are affected it can be accessed on www.hmrc.gov.uk/childbenefitcharge/hicbc-helpsheet.pdf
For more information please feel free to send us an e-mail via our ‘contact us’ page or you can phone us on 0161 703 8353