Nearly 1,000,000 households to receive a £300 cost of living payment today

Around 840,000 households are due to receive a £300 cost of living payment today to help with their bills.

Those who receive tax credits and no other qualifying benefits are eligible for the latest payout from HM Revenue and Customs (HMRC).

In addition, the Department for Work and Pensions (DWP) is paying the second of three £300 instalments to eligible households on means-tested benefits, such as universal credit and pension credit.

The DWP began paying households on October 31 and all households should have received their money by November 19.

Angela MacDonald, HMRC’s deputy chief executive and second permanent secretary, said: ‘The £300 cost-of-living payment will deliver further financial support to eligible tax credits customers across the UK. Another payment will be made by spring 2024 to those entitled to receive it.

‘HMRC customers will receive the payment automatically, with no action required from them, to make this as simple as possible.’

The payment from HMRC to tax credits customers will appear on bank statements as HMRC COLS – referencing cost of living support.

Those receiving the payment from DWP will see the payment reference as their national insurance number, followed by DWP COL.

If people have not received the cost of living payment, but believe they are eligible, it is advised they wait till November 20 to contact HMRC. This is to allow time for their bank, building society or credit union to process the payment.

Receiving a cost of living payment previously does not guarantee households will get a future one.

You must meet the individual eligibility criteria for each payment, as published on gov.uk.

The government is warning people about scammers pretending to be from HMRC or another government body.

Payments will be made automatically into bank accounts where eligible recipients get their tax credits, so people should be suspicious if they are given instructions on accessing the money.

Pensioner households will also receive £300, which will be paid as a top-up to those eligible for the winter fuel payment in November and December.

The government payments are all tax-free, they will not count towards the benefit cap, and will not have any impact on existing benefit awards, according to HMRC.

Get in touch with our news team by emailing us at webnews@metro.co.uk.

For more stories like this, check our news page.