FAMILIES across Worcestershire will begin receiving a £300 cost of living payment

HM Revenue and Customs (HMRC) revealed around 840,000 families across the UK are set to get their payment as of today (Friday).

It is the second of three payments totalling £900 for those eligible and on means-tested benefits, such as Universal Credit, Pension Credit or tax credits, in 2023/24.

People on Tax Credits do not need to do anything to receive a payment.

If eligible, payment will be made automatically into the bank account where they receive their tax credits. They do not need to contact HMRC or apply for the payment. 

In addition, more than 7 million eligible UK households receive £300 directly from the Department for Work and Pensions (DWP) between 31 October and 19 November 2023.

What should I do if I have not received my Cost of Living payment?

If customers have not received the Cost of Living Payment from HMRC between the published payment dates but believe they are eligible, they should wait until after 20 November to contact HMRC.

This allows time for their bank, building society or credit union to process the payment. 

Receiving a previous Cost of Living Payment does not guarantee customers will get a future one.

Customers must meet the individual eligibility criteria for each payment, as published on GOV.UK.

Chief Secretary to the Treasury, John Glen, said: “I know Christmas can be a difficult time, which is why this £300 payment will be a welcome boost for hundreds of thousands of families. But the best help we can give is halving inflation this year.”  

Angela MacDonald, HMRC’s Deputy Chief Executive and Second Permanent Secretary, added: “The £300 Cost of Living Payment will deliver further financial support to eligible tax credits customers across the UK. Another payment will be made by spring 2024 to those entitled to receive it.

“HMRC customers will receive the payment automatically, with no action required from them, to make this as simple as possible.”

What will my Cost of Living payment appear under in my bank account?

The payment from HMRC to tax credits customers will appear on bank statements as ‘HMRC COLS’, referencing Cost of Living Support. Those receiving the payment from DWP will see the payment reference as their National Insurance number followed by ‘DWP COL’.

Pensioner households will also receive £300, paid as a top-up to those eligible for the Winter Fuel Payment in November and December.

Combined with the one-off Cost of Living Disability Payment earlier this year, some households will receive £1,350.