£300 Cost of Living payment arriving in bank accounts: Who’s eligible and here's the code to spot it
households across the UK are poised to receive a £300 cost of living payment starting from today. The relief is part of a government initiative to support those on specific benefits during a challenging economic period. Households meeting the criteria need not take any action to claim this tax-free payment, as it will be automatically deposited into their bank accounts.
However, there is a specific code to look out for in your bank statement to confirm that it's the cost of living payment.
When Will the Payment Arrive?
The distribution of this cost of living payment will take place between October 31 and November 19. The key advantage for eligible recipients is the automatic processing, eliminating the need for any applications or paperwork. This simplifies the process for those in need during these financially challenging times.
How to Identify the Cost of Living Payment
To identify the payment in your bank statement, you should look for a specific code. If you are receiving the payment from the Department for Work and Pensions (DWP), your statement will display «DWP COL,» followed by your National Insurance number. For individuals being paid through Her Majesty's Revenue and Customs (HMRC), the code will appear as «HMRC COLS.»
Qualifying for the Cost of Living Payment
A range of benefits make individuals eligible for this support. The list includes:
Universal Credit
Income-based jobseekers allowance
Income-related employment and support allowance
Income support
Working tax credit
Child tax credit
Pension credit
It's essential to note that those who solely receive working tax credits or child tax credits will be paid by HMRC. All other qualifying benefits will be paid by the DWP.
Eligibility
Read more on economictimes.indiatimes.com
