Beginning on Tuesday, May 2, a million qualified families getting tax credits, without any additional means-tested payments would start getting their initial cost-of-living adjustments for 2023–24.
Through May 2 and May 9, 2023, the £301 government payout would be automatically deposited into the majority of users’ bank accounts throughout the UK.
The payout from HM Revenue and Customs is only going to be given to qualified households who get tax credits along with no other means-tested benefits.
The first of the 3 payouts, totaling up to £900 for people who qualify in 2023–2024, is being made now.
For bank and building society accounts to identify the payout as cost-of-living assistance, it will appear as HMRC COLS.
Tax credit-only users should have earned a tax credit payout on any given day between January 26 and February 25, 2023, to qualify for the £301 payout, or they will afterward be determined that they were eligible for payment.
