Business News 07 Jan 2013

Child benefit changes come into effect

Changes to the child benefit system have now come into effect, meaning that more than a million families will lose some of all of their benefit, while many thousands of taxpayers will be required to file a self assessment tax return for the first time.

Although child benefit will continue to be paid as a tax-free universal benefit, under the new regime a High Income Child Benefit Charge will be payable where either the claimant or their partner earns between £50,000 and £60,000. After this point the benefit will be fully eroded.

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