Article preview: If you’re in receipt of Child Benefit, but the income of one person in your household exceeds the £50,000 threshold, you have to pay the benefit back through a tax charge. This threshold for the High Income Child Benefit tax, introduced back in January 2013, has remained unchanged since its introduction. The tax charge captures a lot of families, with the Treasury collecting a total of £2.5 billion in High Income Child Benefit taxes to date.
More families are being caught by the High Income Child Benefit tax
This 796-word blog post looks at a Freedom of Information request from NFU Mutual about High Income Child Benefit tax, a growing number of parents opting-out of receiving Child Benefit, and how to save money by making a pension contribution. Written on 3rd February 2021.
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