Labour has decided to scrap a rule change that was set for April 2026
Martin Lewis has pointed out some 'bad news' for parents who get Child Benefit that was hidden in Rachel Reeves' budget today.
Money saving expert Mr Lewis has spotted a change that will have a major impact on some parents, which was missed out of her speech but is outlined in the government's accompanying budget documents.The full budget document reveals that Labour has decided not to go ahead with plans announced by former Tory chancellor Jeremy Hunt in the Spring Budget earlier this year.
Under the rules, the charge must be paid if one parent exceeds the £60,000 threshold - but if two parents are just under the limit they have a much higher joint income but don't have to pay the charge. In Labour's Budget, the government explained that they will not be going ahead with the change "because it would have come at a significant fiscal cost". Labour said the change would have cost them £1.4 billion by 2029 had it been brought in with a limit of £120,000, meaning no family would be worse off.
Money The Budget Parenting Benefits HMRC
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