From 7 January 2013 new changes introduced mean that anyone earning over £50,000 will have to pay a tax charge on any Child Benefit they receive. There is a tax charge of 1% of the Child Benefit for each £100 of income between £50,000 and £60,000. The charge for taxpayers with income above £60,000 will be equal to the amount of Child Benefit paid. Anyone affected by these changes will have to complete a Self Assessment Tax Return. If you think you will be affected and would like to discuss this further, please contact us.
Will Child Benefit changes affect you?
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