Many people are struggling in the UK with the cost of living crisis, especially as the weather gets worse and heating bills go up. However, within the next month, millions of British households will receive £300.
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This comes as the second wave of new cost of living payments are due to be rolled out to eligible households all over the UK. The first payment was made earlier this year and there will be three in total, bringing the overall financial help up to £900. Here’s how to know if you will receive the money, and when you can expect it.
Eligibility for the cost of living payments
These payments will be made to people who are eligible and receive at least one of the following:
- Universal Credit
- Income-based Jobseekers Allowance
- Income-related Employment and Support Allowance
- Income Support
- Working Tax Credit
- Child Tax Credit
- Pension Credit
In order to be eligible, you need to have been entitled to a payment for a qualifying benefit between 18 August 2023 and 17 September 2023.
According to gov.uk, you don’t need to apply - the payment will be made automatically. This ‘includes tax credits-only customers who will receive the payment from HM Revenue and Customs (HMRC) between 10 and 19 November 2023’.
When you can expect the payment
The first payment already went out earlier this year, and the third and final one is set to arrive in spring 2024. You can expect this coming payment to arrive in your bank account between 31 October and 19 November.
Jeremy Hunt, Chancellor of the Exchequer, said:
Halving inflation and getting price rises under control is the best way to support households struggling with their bills.
But it is also right that we are helping the most vulnerable in our society, and this latest Cost of Living payment is part of a package of support worth £3,300 per household on average over this year and last to help those struggling the most.
These cost of living payments will be tax-free, and they won’t impact any existing benefits.
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Sources used:
Metro: Cost of Living Payment 2023 exact date – Everything you need to know about £300 arriving this autumn
gov.uk: Second 2023 to 2024 Cost of Living Payment dates announced
