It gets tricky when one or both parents earn between £50,000 and £60,000, as your child benefit payments will reduce by 1 per cent for every £100 earned over £50,000. If one or both of you earn between £50,000 and £60,000 In 2023-24, you get £24 a week for your eldest/only child, and an additional £15.90 a week for any additional children.Įven if your household income exceeds £50,000 – for example, if you both earn £45,000 and have a combined income of £90,000 – you can still qualify for the full child benefit payment, which means it’s certainly worth signing up for. If both parents have an income of less than £50,000, you won’t need to repay any child benefit you receive. If neither you or your partner earn more than £50,000 Therefore, anyone who earns £60,000 or more will have to pay back the entire payment via a self-assessment tax return. Back then, the charge only affected those whose income was well into the higher tax bracket.īut the £50,000 threshold has never been raised, meaning that today even parents paying basic-rate tax are unable to get the full child benefit payment.įor every £100 you earn over £50,000, you’ll lose 1 per cent of your child benefit payment. The number of families claiming child benefit in the first place has fallen to a record low thanks to the tax charge, which was first introduced in 2013. For a family with three children, and where a parent earns £60,000 or more, the loss is well over £40,000. Our calculator (below) gives an indication of how much you will lose every year, and over the course of your children’s childhoods. ![]() When the highest earner’s wage hits £60,000 the entire £1,248-a-year benefit is handed back to the Government. ![]() Once either parent or guardian earns £50,000 a year, a “high income” tax charge begins to be levied. ![]() Parents are given thousands of pounds a year to raise their children in the form of child benefit – but for millions of middle class families the benefit is wiped out via a tax charge.
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