Child Benefit Payment
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Chris88
Posts: 1 Newbie
If you earn over £50k in a tax year you do not get the child benefit payment. However if in single year you are made redundant - if that redundancy payment puts you over the £50k would you be liable to pay benefits back/not be entitled for it following year or does it not count as 'income'
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If you earn over £50k in a tax year you do not get the child benefit payment. However if in single year you are made redundant - if that redundancy payment puts you over the £50k would you be liable to pay benefits back/not be entitled for it following year or does it not count as 'income'
The first £30,000 of redundancy payment is non-taxable, and therefore does not count towards income for child benefit assessment.
Just to note, once you have earnings above £50k, then you start to pay back some of the child benefit through your tax return. You don't pay back all the child benefit unless your earnings exceed £60,000.I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.0 -
Make sure you calculated you "adjusted net income" using the calculator on the Gov site. Some people assume it's if their salary exceeds £50k that it begins to impact Child Benefit but it's when your Adjusted Net Income hits that figure and it's usually lower than your salary due to various deductions.Don't listen to me, I'm no expert!0
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