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Child Benefit - High Income Charge
The new High Income child benefit charge came into affect in January 2013 and will impact many people. In some cases it can completely wipe out your child benefit leaving a nasty dent in your disposable income. TaxClever can help you minimise the damage.
Your individual income is more than £50,000 and you receive child benefit.
Your income is more than £50,000 and you live, (or have lived during the tax year), with a partner who is entitled to receive Child Benefit.
If both you and your partner’s income are above £50,000 then the higher earner only will be affected.
Additionally, if you have an income of more than £50,000 and have a child living with you for which someone else is entitled to receive Child Benefit, (because they contribute money at or above a level equivalent to that of the Child Benefit for the child’s upkeep), you will be liable for the High Income Child Benefit charge.
If you would like us to help you assess your situation just contact TaxClever here.