Martin Lewis warns parents about the changes to Child Benefit and clarifies that previous penalties still need to be paid.
Martin Lewis has issued a warning to parents who may be confused over the changes to Child Benefit . Chancellor Jeremy Hunt confirmed in the Spring Budget that the threshold for what a person earns before they take penalties on Child Benefit , which they have to pay back, take place. While it was previously held at £50,000, it has now been extended to £60,000.
While for many parents this expands the availability of the full Child Benefit, it doesn't fix all of the previous issues, as Martin explained in this week's episode of his ITV show. One viewer asked Martin to clarify if she would have to pay back last year's Child Benefit penalties or if it will be "written off" since the threshold has now been increased. Read more: New HMRC Child Benefit rates for April as rule change means thousands more parents eligible Martin explained: "I would say no, there's no whatsoever, this is about changes that only start going forward. Going back, if you owe it, you owe it. "That's why it's very important for anyone now who's earning in these thresholds, you're going to have to pay i
Martin Lewis Warning Parents Child Benefit Penalties Threshold Changes
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Dad saves £7k thanks to Martin Lewis' child benefit tipThe Money Saving Expert's tip saved one couple £7,000 – here's how you can do the same
Read more »
Child Benefit Calculator shows how reforms will affect your familyReforms to Child Benefit follow a campaign by Money Saving Expert Martin Lewis
Read more »
Hunt hands £450 to millions and overhauls child benefit in 'tax-cutting' budgetChancellor Jeremy Hunt has announced a £450 boost for millions of workers and more help for parents in his Budget for 2024 - but there will be a crackdown on landlords, non-doms, vapers and smokers.
Read more »
‘Child benefit change too slow and single parents lose,’ says mum on £65,000'We’re still in a cost-of-living crisis and two years is a long time to wait for this to be addressed'
Read more »
Check how much extra money you'll get with Child Benefit changesOur interactive calculator allows you to work out how much more you'll earn
Read more »
'I earn £70,000 and can now get some child benefit payments'The BBC spoke to people with a range of earnings and household set-ups about how the Budget affects them.
Read more »