HMRC warns parents may be missing out on £930 a year | Personal Finance | Finance

HM Revenue and Customs (HMRC) has issued an alert to UK parents with more than one child.

In a recent update on X, formerly Twitter, HMRC moved to remind eligible parents that they could be missing out on £930 a year – or even more. The post highlights that parents are entitled to claim Child Benefit for each of their children.

Child Benefit is a tax-free government payment designed to assist parents or guardians with the financial demands of raising a child, or children.

HMRC issues payments every four weeks. Child Benefit is worth around £1,406 per year for your first child, and just over £930 per child for every additional child.

The HMRC post reads: “Have more than one child? Claim Child Benefit now and you could receive: £27.05/week for your eldest child [and] £17.90/week for each additional child.

“You’ll also get National Insurance credits to protect your State Pension – even if you’re not currently working. Claim via the HMRC app or online now.”

There is no limit on the number of children you can claim Child Benefit for, though only one person may claim where two individuals are caring for the same child. Higher earners may be required to repay a portion of their Child Benefit.

Should you or your partner earn in excess of £60,000, you will need to return 1% of your Child Benefit for every £200 earned above this threshold.

This repayment constitutes part of the High Income Child Benefit Charge, and once your earnings exceed £80,000, the entire amount of Child Benefit obtained must be returned.

The income threshold for the High Income Child Benefit Charge was raised from £50,000 to £60,000 in April 2024.