If you or your partner has an income of more than £50,000 per year, then the partner with a higher income has to pay the High Income Child Benefit Charge that came into effect on 7 January 2013. This means that the partner with a higher income must pay an income tax on some or all of the child benefit that you have received. If your household income reaches £60,000, the charge will be equal to the benefits you’re receiving.
However, if you are eligible to the High Income Child Benefit Charge, you must still claim child benefit as this can help protect your state pension and ensures that your child received a National Insurance number.
When your circumstances change, you must inform HMRC as this can affect your entitlement to child benefits. This includes having another child, leaving the UK or your child leaves full time education or moves away.
For more information, please contact 01772 788200 or email email@example.com