Child Benefit 2013

[moonblushtomato]

DH earns £55K. How exactly will our Child Benefit be affected next year?

Think I read it would be a gradual thing??

You won't get any anymore.

It will be reduced based on a sliding scale for those earning between 50 and 60. Something like 1% per £100 earned over 50. You will receive the same amount though and will have to pay it back through self assessment. This is really annoying and poorly thought out IMO. The whole thing makes my blood boil.

Really? Can you not just opt to stop the payments?

Is that £55 combined household income?

No one person's income only. If you both earn under 50 no problem so in effect you could be earning 98 as a household and receive it whilst another household on 60 will lose. Ridiculous.
Yes you can stop claiming it but should do that straight away from Jan as next April will see your tax return being penalised.

No the £55K is DH's income, I earn about £5K.

So if its a sliding scale of 1% that doesn't really amount to much of a change? We currently receive £188 per month for 3 DCs.

The rule changes are summarised here Quoting from it.... "The income tax charge will apply at the rate of 1% of the full Child Benefit award for each £100 of income
between £50,000 and £60,000." If he earns £55,000 you will therefore lose 50% of your award.

Ah, that's a bit different then! Thanx for clarifying that Cogito, think I'd better up my hours at work.......

Agree with cogito - you'll loose half of it - unless..
Does DH make pension contributions before tax? Do you claim childcare vouchers - £243/month before tax?

If you claim nearly 3K per year childcare vouchers, and put just over 2K into a work pension, your taxable salary will be under 50K, so you will keep all child benefit, is my understanding.

No to both next