They will be arriving in the coming days
HMRC have written a letter to all tax credit claimants with information about the Cost of Living Payments for 2023-24.
Eligible claimants will receive £301 paid between May 2 and May 9, 2023, £300 in autumn 2023 and a final £299 in spring 2024.If claimants are eligible and receive tax credits, and no other qualifying benefits, they will receive their payment from HMRC, to help with everyday costs. If they are eligible, claimants do not need to do anything as the payment will be made automatically into the bank account where they receive their tax credits.
The HMRC payment will appear on bank statements as ‘HMRC COLS’, referencing Cost of Living Support. If customers have not received the Cost of Living Payment from HMRC, but believe they are eligible, they should wait until after May 16 to contact HMRC. This is to allow time for their bank, building society or credit union to process the payment.
This comes after the UK Government announced the cost of living support for 2023-24 including Cost of Living Payments for eligible households receiving certain benefits or tax credits in Autumn 2020. To receive the first 2023-24 payment from HMRC, HMRC must have made a payment of tax credits to the customer in respect of any day between January 26 and February 25, 2023.
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