personal finance

Child benefit warning: You may have to pay tax under these circumstances – be aware

For those who earn more than £60,000 per year, all of the child benefit payments will need to be paid back.

Fortunately, those affected by this s will still be able to forgo the actual child benefit payments while still making a claim.

This will shield them from the tax charge but will still allow them to receive some of the perks associated with child benefit, such as the fact that a state pension may be protected.

Child benefit payments can also be stopped at any time, which may be suitable for those who may have received a pay rise, pushing them over the £50,000 threshold.


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