{"id":25142,"date":"2023-08-17T10:00:03","date_gmt":"2023-08-17T09:00:03","guid":{"rendered":"https:\/\/smh.group\/?p=25142"},"modified":"2023-08-17T10:00:03","modified_gmt":"2023-08-17T09:00:03","slug":"new-paye-process-for-high-income-child-benefit-charge","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/new-paye-process-for-high-income-child-benefit-charge\/","title":{"rendered":"New PAYE process for High Income Child Benefit Charge"},"content":{"rendered":"

One of the many criticisms aimed at the High Income Child Benefit Charge (HICBC) is that anyone caught by the charge needs to submit a self-assessment tax return even if all of their tax is collected under PAYE. However, this is set to change.<\/strong><\/p>\n

The government has announced that employed individuals will, in future, be able to pay the HICBC through their PAYE tax code without the need to register for self-assessment. The statement in July on draft Finance Bill legislation from Victoria Atkins, the Financial Secretary to the Treasury, didn\u2019t give a date for the change, but said details would be released \u201cin due course\u201d.<\/p>\n

The change will be particularly welcome for those earning just over \u00a350,000 who have to go through the self-assessment process just to report and repay a small amount of child benefit.<\/p>\n

Child benefit<\/strong><\/h2>\n

For 2023\/24, child benefit of \u00a324.00 a week is paid for a first child, with \u00a315.90 a week paid for each subsequent child. Child benefit is paid regardless of income, so the HICBC is the government\u2019s way of reducing the amount paid to higher earners.<\/p>\n

The charge<\/strong><\/h2>\n

The HICBC can come into play when an individual \u2013 or their partner \u2013 receives child benefit and their annual income exceeds \u00a350,000.<\/p>\n