child benefit / 1 posts found

Child benefit tax trap

by mike tombs
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This post is a reminder that a family claiming the weekly Child Benefit (currently, £20.70 a week for eldest or only child and £13.70 a week for additional children) may get an unwelcome tax bill if either parents’ income exceeds £50,000 during a tax year.   If either parent had income over £50,000 for the tax year 2018-19, and:   either partner received Child Benefit, or someone else received Child Benefit for a child living with you and they contribute at least an equal amount towards the child’s upkeep.   Then part or all of the Child Benefit received may [...]