Child Benefit UK: How to calculate how much tax there is to pay

CHILD BENEFIT is a payment which is available to eligible people who are raising a child. While the payment is tax-free in most circumstances, many could face a tax bill.

Child Benefit is paid out to adults by the UK government if they are responsible for bringing up a child who is under 16, or under 20 if they stay in approved education or training. Many claimants, though, will have to pay a tax charge in order to claim the benefit, known as the High Income Child Benefit Charge (HICBC). HICBC affects parents or guardians who earn over £50,000 and £60,000 - with different rules respectively for each earning bracket.

The HICBC, which was...
source: Express

2020-06-03 09:56
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