High Income Child Benefit Charge
August 21, 2019
Do you or your partner receive child benefit?
Did you know that you may incur a high income child benefit charge if either you or your partner earn above £50,000?
Child Benefit is available to parents who are responsible for bringing up a child. A higher amount of £20.70 a week is paid for the first child and £13.70 for other children.
However, you may incur an income tax charge if you or your partner's adjusted net income exceeds £50,000:
• If your income is between £50,000 and £60,000, the income tax charge will be 1% of your Child Benefit for every £100 of income between £50,000 and £60,000.
For example, if your adjusted net income is £55,000, you will be charged 50% of the child benefit received.
• If your income is over £60,000 the charge will be equal to the full amount of your Child Benefit.
The charge payable is calculated through your Self-Assessment and it is your responsibility to inform HMRC.
Our Self-Assessment completion starts from £75 + VAT, get an instant quote
today!
Share
You might also like
If you’re running a small business in the UK, one of the key financial thresholds you need to be aware of is the VAT registration threshold.
It’s never a welcome surprise – that letter from Companies House notifying you of a late filing penalty because your company’s year-end accounts weren’t submitted on time.
From 1 April 2027, all UK companies will be required to file their annual accounts exclusively via commercial software—even dormant ones. Web and paper submission routes will be discontinued.