Thousands of families will receive a £299 cost of living cash boost from today.

Eligible households, in receipt of tax credits and no other qualifying benefits, will receive the final cost of living payment of the year over the next week.

HMRC is sending out the latest cash boost from February 16 until February 22.

More than 7 million eligible UK households have already received the £299 payment directly from the Department for Work and Pensions (DWP), which is paying its customers between 6 and 22 February 2024.

The Northern Echo:

This is the third of three payments totalling up to £900 for those eligible and on means-tested benefits, such as Universal Credit, Pension Credit, or tax credits, in 2023/24 and comes as part of the government’s £104 billion cost of living support package.

These payments are tax-free, will not count towards the benefit cap, and will not have any impact on existing benefit awards.

Myrtle Lloyd, HMRC Director General for Customer Services, said: “The £299 Cost of Living Payment will deliver further financial support to eligible tax credits customers across the UK. To make things as simple as possible, the payment is made automatically with no action required from HMRC’s customers.”

The payment from HMRC to tax credits customers will appear on bank statements as ‘HMRC COLS’, referencing Cost of Living Support. Those receiving the payment from DWP will see the payment reference as their National Insurance number followed by ‘DWP COL’.

Payment from HMRC will be made automatically into the bank account where eligible customers receive their tax credits. They do not need to do anything to receive a payment. They do not need to contact HMRC or apply for the payment.

Any eligible households who have not received their payment from HMRC by February 23 should contact the organisation after that date.