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23rd November 2012

Child Benefit Charge

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Over the coming weeks the Revenue will be sending letters to individuals they think may be liable to the new High Income Child Benefit Charge (HICBC) set to take effect from the 7th January 2013.

The claw back will apply where a claimant or their partner has adjusted income of more than £50,000. Tax will be collected through adjustments to PAYE codes or through self-assessment and will result in an estimated ½ million additional individuals needing to complete an annual tax return.

If you need help in completing these form please contact one of our personal tax team on 01223 461155.