£299 Cost of Living Payment Hits UK Bank Accounts Today
From February 16, 2024, around 700,000 UK families on tax credits — but no other qualifying benefits — will start receiving a £299 Cost of Living Payment. This cash boost aims to ease the strain of rising everyday expenses hitting households across the country.
Who’s Getting The Cash and When?
HM Revenue and Customs (HMRC) is rolling out the payments between February 16 and 22. This is the third and final instalment of a package worth up to £900 for people on means-tested benefits, including Pension Credit and tax credits for the 2023-2024 tax year. The payout is part of the government’s massive £104 billion cost of living support scheme.
Meanwhile, more than 7 million households have already received the same £299 payment directly from the Department for Work and Pensions (DWP) since February 6, with payments continuing until February 22.
No Fuss, No Hassle – It’s Automatic
Myrtle Lloyd, HMRC’s Director General for Customer Services, stressed ease for recipients: “To make things as simple as possible, the payment is made automatically with no action required from HMRC’s customers.”
The payment will show on bank statements as ‘HMRC COLS’ for HMRC recipients, or as National Insurance number followed by ‘DWP COL’ for those paid via DWP.
If you haven’t seen your payment by February 23, HMRC advises patience to allow banks and building societies time to process it.
Watch Out for Scams!
HMRC warns the public to stay alert for scammers claiming to offer help with these payments. “If someone contacts you supposedly from HMRC or DWP about this payment, be cautious and verify their identity,” they say.
This latest payment joins a slew of government efforts since autumn 2021, including tax cuts, energy bill relief, and transport discounts designed to help Brits cope with tightening finances.
For more support info, visit the government’s Help for Households website.
With these payments hitting wallets now, thousands of families will get some much-needed breathing space during these challenging times.
