Following the announcements from the Spring Budget about the changes to Child Benefit and cuts to National Insurance, financial wellbeing expert, Lee Melling at caba, the occupational charity supporting ICAEW accountants, has issued the following statements to share guidance and advice to help people understand what this now means for their finances.
Commenting on this, Melling said: “Following the announcement of the changes to the High Income Child Benefit Charge (HICBC), we know this will make a big difference to many families across the country and will certainly help alleviate some of the pressure of the current cost-of-living crisis.
“Despite rising wages and cost of living due to inflation, HICBC has previously been viewed as inequitable for different types of households and their earnings. We’re pleased to hear the Chancellor’s significant reform to the High Income Child Benefit Charge to become a household system by April 2026 instead of an individual system.
“Furthermore, increasing the threshold at a time when many employees have had their salary increase in line with inflation is an important change as this will now mean more families can benefit from keeping more of the Child Benefit they receive. The increase to the threshold also means that those who previously were worried about pay increases affecting their entitlement to Child Benefit can now more comfortably make further career progression and ease financial worries.
“If you’re wondering how this change will impact your entitlement or if you’re unsure about anything, we recommend seeking expert advice concerning your personal situation. Whether it’s accessing advice from a charity like caba or seeking out financial resources, there is support to help you feel confident about your financial position.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
