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Child benefit reminder for Lancashire's high earners
4:15pm Wednesday 2nd January 2013 in News
HIGH-EARNING child benefit recipients are being reminded that they have until Sunday to decide whether to stop receiving the benefit.
The High Income Child Benefit Charge (HICBC) starts on 7 January. The new charge will apply when a taxpayer or their partner’s income is more than £50,000 in a tax year, and if they or their partner receive child benefit.
Lin Homer, HM Revenue and Customs chief executive, said: “Over 155,000 people have already decided to stop receiving child benefit.
“There is easy to use information and a calculator on our website which will help families come to a decision.”
Those affected will need to decide whether to keep receiving child benefit and pay the tax charge through self assessment, or to stop receiving child benefit and not pay the new charge.
For more information about the changes go to http://www.hmrc.gov.uk/childbenefitcharge.