Exact code for £301 free cash landing in one million bank accounts from TODAY – will you get a direct payment? | The Sun05/02/2023
OVER one million Brits on benefits will start to see £301 free cash landing in their bank accounts from today.
The cash started being dished out last week but those on Working Tax Credits or Child Tax Credits will get the payment between May 2 and May 9.
Roughly one million will get £301 automatically, so you don't need to do anything.
The Department for Work and Pensions (DWP) started issuing the first instalment of the cost of living payment to those on Universal Credit and other benefits on April 25.
The payments were split to ensure those on other benefits as well as tax credits aren't paid twice.
People on benefits will have seen payments were paused over the bank holiday weekend but they will resume today.
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Over 1million on benefits WON’T get £301 cost of living payment from today
Exact code to spot when £301 cost of living payment lands in your bank TODAY
If you're on tax credits there is a specific code you should look out for.
Keep an eye on your bank statement showing you it's the cost of living payment – "HMRC COLS".
But if you receive tax credits along with a qualifying benefit from DWP you will be paid by the DWP.
What is the £900 cost of living payment and who is eligible?
The £900 cost of living payment is designed to help struggling households with essential costs, such as energy and food.
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The payment, which is tax-free, has been split into three instalments worth £301, £300 and £299.
The second and third instalments are set to be paid in the autumn of this year and spring of 2024.
All in all, eight million people will receive the payment.
You'll be eligible for the payment if you were entitled to the following benefits between January 26 and February 25:
- Income-based jobseeker’s allowance
- Income-related employment and support allowance
- Income support
- Pension credit
- Child tax credit
- Working tax credit
- Universal Credit
But not everyone receiving the benefits listed above will qualify.
The Department for Work and Pensions (DWP) has said that those receiving a Universal Credit "nil award" during the qualifying period won't get the free cash.
Other benefits that don't qualify for the £301 one-off cost of living payment include:
- Attendance allowance
- Carer's allowance
- Child benefit
- Disability living allowance (DLA)
- Contributory, or "new style", employment and support allowance (ESA)
- Guardian's allowance
- Contribution-based, or "new style", jobseeker's allowance (JSA)
- Maternity allowance
- Personal Independence Payment (PIP)
- State pension
- Statutory adoption, maternity, paternity and shared parental pay
- Statutory sick pay
What other help is coming?
Millions of people with disabilities and pensioners will receive cost of living payments worth up to £300 later this year and into 2024 too.
Over six million people will receive a £150 disability cost of living payment this summer.
You may be entitled to the payment if you receive any of the following benefits:
- Attendance Allowance
- Constant Attendance Allowance
- Disability Living Allowance for adults
- Disability Living Allowance for children
- Personal Independence Payment
- Adult Disability Payment (in Scotland)
- Child Disability Payment (in Scotland)
- Armed Forces Independence Payment
- War Pension Mobility Supplement
Millions of pensioners will receive a £150 or £300 cost of living payment from November this year too.
You will be eligible for the payment if you are entitled to a Winter Fuel Payment for winter 2023/24.
Effectively, the cost of living payment will top up your Winter Fuel Payment.
Eligible households will be sent a letter in October or November telling them how much their total payment is.
In some circumstances, you might be eligible for all three cost of living payments.
That means you will get £1,350 free cash from the government.
Beyond the cost of living payments, extra help is coming via the Household Support Fund, which has been extended until March 31, 2024.
The fund is a central pot of money from the government that is shared between local councils in England.
They then decide who to distribute the money to, and how to.
It can come in the form of a voucher, or a direct cash payment into your bank account.
In most cases, the support is offered to those on a low income or certain benefits.
You should check with your local council if you are eligible for any support.
If you don't know what council area you fall under, you can use the Government's council locator on its website.
Families can get help towards their grocery shopping, child costs and energy bills.
Plus, those struggling can apply for a range of schemes that provide free cash, vouchers and more and you could get thousands of pounds.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected]
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