The Chancellor announced changes to Child Benefit in his Budget speech
Thousands of families are set to see a financial boost after changes to Child Benefit was announced in the latest Budget.
The reform has been claimed as a victory by Money Saving Expert Martin Lewis who has campaigned for changes to the high income tax charges in the Child Benefit system. Speaking to his followers on Twitter , he said: “I’m very happy about this”. He added that the Chancellor had told him that the change was in response to the Money Saving Expert campaign.
Currently, child benefit is only paid in full to households where no parent earns over £50,000. Once either parent starts to earn over this amount, they have to pay back 1% of the Child Benefit for every £100 of income earned above £50,000 a year. Under the new system, the lower limit will be lifted from £50,000 to £60,000 - which means any household where the highest earner is paid less than £60,000 will receive the full amount of Child Benefit.
The Chancellor announced there will be a consultation in the next two years on further reforms to Child Benefit, in particular looking at whether it should be based on household income, rather than on individual income.
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