The Government is currently providing a cost of living payment to British citizens who are eligible for certain benefits, such as Universal Credit.
Eligible individuals will receive the tax-free cash automatically in their accounts from October 31 to November 19. The amount will be reflected in bank statements under the National Insurance number, followed by either DWP COL or HMRC COLS. For households receiving tax credits, the payment will be issued by HMRC instead of the DWP between November 10 and 19. This measure is implemented to prevent duplication of payments for individuals receiving other qualifying benefits and tax credits.
The full list of benefits that qualify you for the £300 payment is:
Income-based jobseekers allowance
Income-related employment and support allowance
Working Tax Credit
Child Tax Credit
You need to have been entitled to one of the above between August 18 and September 17 to qualify for the cash. If you were later found to be entitled to any of the above benefits between the same dates you will also be eligible.
The £300 payment received is the second of three instalments totalling £900. The first instalment, valued at £301, was paid earlier this year, while the third instalment, worth £299, is scheduled to be paid before spring 2024. It is noteworthy that individuals who are eligible for Pension Credit but are not claiming it, which amounts to approximately 850,000 people, are also eligible for the £300 cost of living payment. Pension Credit payments can be backdated up to three months, so individuals can make a claim now and meet the qualifying period for the £300 cost of living payment. Additionally, millions of individuals on the same benefits received a £650 payment in 2022.