MILLIONS of households will want to mark these dates in their diaries as cash is set to be paid to help with the soaring cost of living.
The Government has now confirmed the dates when the first instalment of the £900 cost of living payment will be made.
A payment of £301 will be made directly into bank accounts between April 25 and May 17.
Those eligible for the tax-free payment are households receiving certain benefits, including Universal Credit.
One million households receiving tax credits will receive the first half of the cost of living payment from May 2.
The payments are part of a package of wider Government support announced to tackle the cost of living.
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It includes a further £300 payment for eligible families in autumn, and then a payment of £299 in spring 2024.
There will also be a £150 cost of living payment for eligible people with certain disabilities.
That is coming in summer, and a £300 pensioner payment will follow in the winter – an exact date for both is yet to be announced.
This means some people could receive up to £1,350 in direct payments over the coming financial year, if eligible.
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You'll want to log all the key dates in your diary for when you can expect to receive your cost of living payments – we round them all up for you.
April
Between April 25 and May 17, millions of households will receive the £301 directly into their bank accounts.
Those eligible for the tax-free payment won't have to do anything as it will be made automatically.
The full list of benefits that qualify people for the payment is:
- Universal Credit
- Income-based Jobseekers Allowance
- Income-related Employment and Support Allowance
- Income Support
- Working Tax Credit
- Child Tax Credit
- Pension credit
If you were receiving any of the above benefits between January 26 and February 25 this year you will receive the £301 payment.
If you were later found to be entitled to any of the above benefits between these qualifying dates you will be eligible for the payment too.
For those receiving the £301 payment from the DWP, it will show in your bank account as "DWP COLP" along with your National Insurance (NI) number.
For example, if your NI number is JT 83 42 97B your payment will show up as "DWP COLP JT 83 42 97B" on your statement.
The payments won't affect the benefit amount you usually get or contribute to the benefit cap.
May
Households receiving tax credits will receive their first payment from Tuesday, May 2.
The £301 payment will be paid automatically into bank accounts from this date up to May 9.
Only eligible families who receive tax credits and no other means-tested benefits will receive the payment from HMRC.
The payment will show as "HMRC COLS" in bank and building society accounts, so that they know the money is cost-of-living support.
To be eligible, households must have received a payment of tax credits between January 26 to February 25 2023.
If you qualify, you don't needto apply or contact HMRC to receive the payment.
The payment to people on tax credits comes a week after those who get it via the DWP to avoid duplicate payments.
Summer
There will also be a £150 disability cost of living payment for eligible people with disabilities paid in the summer.
An exact date for this payment is yet to be confirmed.
Millions of people could be eligible for this payment if they get the following benefits:
- Attendance Allowance
- Constant Attendance Allowance
- Disability Living Allowance for adults
- Disability Living Allowance for children
- Personal Independence Payment
- Adult Disability Payment (in Scotland)
- Child Disability Payment (in Scotland)
- Armed Forces Independence Payment
- War Pension Mobility Supplement
The DWP said it will let households know when to expect the cash closer to the date.
Autumn
In Autumn, households should expect to receive their second chunk of the £900 means-tested benefits cash boost.
HMRC and the DWP will set out the eligibility date for the second payment in due course.
We will update this story when we know exactly when you should expect to see your second payment land in your account.
Winter
A £300 pensioner cost of living payment will be made during the winter.
If you were entitled to a Winter Fuel Payment for Winter 2023 to 2024, you will the extra cash paid with your normal payment.
The full amount of Winter Fuel Payment – including the Pensioner Cost of Living Payment – you will get for winter 2023 to 2024 depends on when you were born and your circumstances during the qualifying dates.
You can get a Winter Fuel Payment for winter 2023 to 2024 if you were born before 24 September 1957.
A letter will be sent to you telling you how much Winter Fuel Payment you'll get if you're eligible.
Spring 2024
The third and final instalment of the cost of living payment will be made in Spring 2024 – and it will be worth £299.
We will update this story when we know exactly when you should expect to see this payment land in your account.
Check if you are entitled to benefits
A number of charities have benefits calculators that you can use to work out if you are entitled to any extra help.
This includes:
- Turn2Us
- Policy in Practice
- EntitledTo
It's worth looking into, as if you do qualify, it could make you eligible for the £900 cost of living payment too.
Before you do use such a tool, you should make sure you have all the relevant paperwork to hand, including bank statements and any information on pensions and existing benefits.
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You'll also have to give information about yourself, including your age and who you live with.
Remember though, the tools only give you an indication of what benefits you might be entitled to.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected]
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