HM Treasury refuses to raise the Child Benefit Charge threshold as families struggle

hm treasury refuses to raise the child benefit charge threshold as families struggle

Sumary of HM Treasury refuses to raise the Child Benefit Charge threshold as families struggle:

  • While this is intended to only impact high earners, recent analysis shows those with limited disposable income are struggling with the charge and the Government has been pushed to raise the threshold.
  • HM Treasury pushedRecently, Patricia Gibson, the SNP Shadow Secretary of State for Housing, Communities and Local Government, pushed the Government on Child Benefit in Parliament.
  • and what recent assessment he has made of the impact of that threshold on families with one working parent on a low to average income.
  • “The adjusted net income threshold of £50,000 only affects a minority of individuals, with comparatively high incomes.
  • Individuals claiming Child Benefit with average and low incomes are not liable to pay HICBC.
  • “While the Government argues this charge only impacts a minority of families, the Low Incomes Tax Reform Group (LITRG) noted the reality is not so straightforward.
  • State pension age increases set to impact free bus pass eligibility”The charge is not meeting its original objectives”Last month, LITRG also urged the Government to raise the HICBC threshold.
  • Alternatively, individuals who usually have a lower income may end up being liable to the charge because of a one-off event, such as taking money out of their pension.

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