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News - 10 December 2012

The High Income Child Benefit Charge (HICBC) One month to go

The High Income Child Benefit Charge (HICBC) starts on 7 January, and will affect taxpayers with income of more than £50,000.

The new charge will apply when a taxpayer or their partner’s income is more than £50,000 in a tax year, and if they or their partner receives Child Benefit.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“The High Income Child Benefit Charge applies to the partner with the higher income over £50,000. HMRC issued letters in November explaining the new High Income Child Benefit Charge to those families who they believe have a higher earner in the household and are currently claiming child benefit.”

Those affected will need to decide whether to keep receiving Child Benefit and pay the tax charge through Self Assessment, or to stop receiving Child Benefit and not pay the new charge. If their income is between £50,000 and £60,000, the tax charge will always be less than the amount of Child Benefit, so they could lose money to which they are entitled if they opt to stop receiving Child Benefit.

If you need any help and advice on Personal or Business  Tax, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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