Close Menu
    Facebook X (Twitter) Instagram
    Trending
    • We must travel to chill, not to hustle! …Duncan-Williams Prays for Ghana
    • Afenyo-Markin Leads NPP to National Prayer & Thanksgiving
    • MPs To Start Speaking Ghanaian Languages in Parliament
    • Man Stabbed to Death with Scissors
    • Sand Winning Activities Now Threatening Volta Lake …Annoh-Dompreh Raises Alarm
    • Minority Vote Against All 7 New Justices To Supreme Court
    • 12-year-old boy hanged naked & tortured
    • Schoolgirl Dies While Visiting Kasia Boyfriend
    Facebook X (Twitter) Instagram YouTube
    InsightNewsgh.ComInsightNewsgh.Com
    • Home
    • News
    • Business
    • Entertainment
    • Politics
    • Sports
    InsightNewsgh.ComInsightNewsgh.Com
    Home»Biography»Child Benefit: Spring budget for Child Benefit And Everything To Know
    Biography

    Child Benefit: Spring budget for Child Benefit And Everything To Know

    Insight NewsBy Insight NewsMarch 7, 2024No Comments3 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Child Benefit: Spring budget for Child Benefit, what is Child Benefit, How much is Child Benefit, benefits, Investments And Everything To Know

    Child benefit – don't miss out on the benefits! | Nottinghamshire County  Council

    What is Child Benefit?

    Child Benefit is a tax-free monthly payment provided by the UK government to help families with the costs of raising children. It’s paid to the main carer for every child under the age of 16 (or 20 if they’re in approved education or training).

    Spring Budget for Child Benefit (2024):

    The recent Spring Budget on March 6th, 2024, included some changes to Child Benefit:

    • Increased High Income Child Benefit Charge Threshold: The threshold at which high-income earners start repaying a portion of their Child Benefit has been raised from £50,000 to £80,000. This also means more families will keep the full amount of their Child B.
    • Reduced High Income Child B Charge Rate: The rate at which high-income earners repay their Child B has been halved. This means they won’t start repaying the benefit in full until their income reaches £80,000, compared to the previous £60,000 limit.

    How Much is Child Benefit?

    The amount of Benefit you receive depends on the number and also age of your children:

    • For the eldest or only child: £21.80 per week
    • For each additional child: £14.40 per week

    Benefits of  Benefit:

    • Provides financial support: Helps families cover the costs of raising children, such as food, clothing, and childcare.
    • Universal benefit: Available to most families with qualifying children, regardless of income or employment status.
    • Tax-free: You don’t have to pay tax on your Child B payments. You can use the money from Child B however you see fit, including investing it for your child’s future.

    How Much is Child B?

    • Current Rates (as of March 2024):
      • First child: £20.70 per week
      • Subsequent children: £14.00 per week

    Benefits:

    • Provides financial support: Helps families cover essential expenses like food, clothing, and utilities.
    • Reduces child poverty: Contributes to the overall well-being of children and families.
    • Simplicity: Relatively straightforward eligibility criteria and also application process.

    Investments:

    • The government invests a significant amount of money in Benefit every year.
    • This investment aims to support families and also contribute to a better future for children.

    Here’s what’s changing:

      • The upper earnings threshold (where you start paying back some of the benefit) will also rise from £50,000 to £80,000.
      • Additionally, a consultation will launch to explore whether child benefit eligibility should be based on household income rather than individual income by April 2026.

    Everything to Know:

    • Eligibility: You can check your eligibility and apply for Child B on the Gov.UK website: https://www.gov.uk/child-benefit
    • Changes in the Spring Budget: The HICBC threshold change may affect how much Benefit some families receive. Use the government’s Child B calculator to see if you’re affected: https://www.eastcambs.gov.uk/content/tax-credits-calculator
    • Alternatives: Other financial support programs might be available also depending on your circumstances. Explore options through government websites or consult with a financial advisor.

    Remember:

    Child B is a valuable resource for many families.

    Child Benefit
    Share. Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email
    Insight News
    • Website

    InsightNewsGh seeks to give readers balanced, credible and neutral news from across Ghana and the world. We cover News, Politics, Business, Entertainment, Sports, among others.

    Related Posts

    marshall university Football: Everything To Know

    September 21, 2024

    IU football: Everything To Know

    September 21, 2024

    General Booty’s Biography, Nationality, Age, Properties, Weight, Height, Records, Lifestyle, and Hobbies

    September 21, 2024

    Comments are closed.

    ADVERTISEMENT
    Health Tips
    LATEST STORIES

    We must travel to chill, not to hustle! …Duncan-Williams Prays for Ghana

    July 2, 2025

    Afenyo-Markin Leads NPP to National Prayer & Thanksgiving

    July 2, 2025

    MPs To Start Speaking Ghanaian Languages in Parliament

    July 2, 2025

    Man Stabbed to Death with Scissors

    July 2, 2025

    Sand Winning Activities Now Threatening Volta Lake …Annoh-Dompreh Raises Alarm

    July 2, 2025
    POPULAR

    We must travel to chill, not to hustle! …Duncan-Williams Prays for Ghana

    July 2, 2025

    Afenyo-Markin Leads NPP to National Prayer & Thanksgiving

    July 2, 2025

    MPs To Start Speaking Ghanaian Languages in Parliament

    July 2, 2025

    Man Stabbed to Death with Scissors

    July 2, 2025

    Sand Winning Activities Now Threatening Volta Lake …Annoh-Dompreh Raises Alarm

    July 2, 2025
    Facebook X (Twitter) Instagram Pinterest
    • About Us
    • Contact Us
    • Privacy Policy
    • Terms & Conditions
    • Disclaimer
    • Buy Adspace
    • Buy Adspace
    • Hide Ads for Premium Members
    © 2025 Insight News GH.

    Type above and press Enter to search. Press Esc to cancel.