The fact that you haven’t received a letter does not necessarily mean the Charge will not apply to you. You will be affected by the High Income Child Benefit charge (HICBC) if during a tax year any of the following applies to you:
- you have an individual income of more than £50,000 and are entitled to receive Child Benefit
- you have an individual income of more than £50,000 and live (or have lived) with a partner who's entitled to receive Child Benefit
- both you and your partner have an income of more than £50,000 per year, you have the higher income and one of you is entitled to receive Child Benefit
you have an individual income of more than £50,000 and both of the following apply:
- someone else is entitled to receive Child Benefit for a child who lives with you; and
- they're entitled because they contribute at least an equivalent amount towards the child's care
If you think the Charge may apply to you, you must declare the Child Benefit you are entitled to on your 2012/13 tax return.
Your local TaxAssist Accountant would be happy to discuss the High Income Child Benefit Charge and deal with your tax affairs for you.
By Jo Nockels
Disclaimer: The information provided is based on current guidance (at date of publication) from HMRC and may be subject to change. Any advice shared here is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this information, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.