Parents receiving Child Benefit payments may experience adjustments due to the upcoming August bank holiday. Child Benefit is a financial support provided to individuals caring for children under 16 years old, or up to 20 years old if they are in an approved educational program. The benefit amounts to £26.05 weekly for the first child and £17.25 for each additional child. Typically paid on Mondays or Tuesdays, the bank holiday on August 25 will prompt early payments to be issued on Friday, August 22.
According to information on the GOV.UK website, recipients expecting Child Benefit on August 25 will receive it three days earlier, on August 22, without any change in the payment amount. Keep in mind that receiving the payment earlier means budgeting for a longer period until the next installment.
For residents in Scotland, where another bank holiday falls on August 4, Child Benefit payments due on that date will be processed on August 5 instead. Child Benefit, managed by HMRC, serves over seven million families in the UK. To qualify for the benefit, you must reside in the UK, and the child must usually live with you or have their care costs equivalent to the Child Benefit amount covered by you.
There is no limit to the number of children you can claim Child Benefit for, but only one individual can claim for each child. Foster parents can also claim Child Benefit if they cover all expenses without aid from the local council. Children aged 16 to 20 can receive the benefit if they are in approved education or training programs like A-Levels or NVQs for at least 12 hours per week. High earners may be subject to repaying a portion of the benefit if their income exceeds £60,000 annually, with a repayment rate of 1% for every £200 over the threshold. Full repayment is required once earnings surpass £80,000.
Claiming Child Benefit is possible 48 hours after a child’s birth registration or upon the child moving in with you, with the option for retroactive claims up to three months.
