Millions of Britons will receive a £299 cost of living allowance in the coming year. The Department for Work and Pensions has finally stated when the third tranche of the £900 cost of living payment will be issued.
Between February 6 and February 22, households on certain benefits, including Universal Credit, will receive a £299 payment directly into their bank accounts.
Those who are eligible for the tax-free payment will not be required to do anything because it will be made automatically. The full list of benefits that qualify people for the payment is:
- Universal Credit
- Income-based jobseekers allowance
- Income-related employment and support allowance
- Income support
- Working tax credit
- Child tax credit
- Pension credit
To be eligible for the free cash, you must have received a payment of any of the qualifying benefits listed above between November 13 and December 12.
If it is later discovered that you are entitled to any of the following benefits within the same dates, you will be eligible for the payment as well.
Households receiving tax credits will only get their payment from HMRC after the DWP has paid the others.
This is done to ensure that persons receiving other benefits and tax credits do not get the payment twice.
For bank accounts, the payment reference will be the recipient’s National Insurance number followed by DWP COL or HMRC COLS.
For example, if your NI number is JT 83 42 97B, your payment will appear on your bank statement as “JT 83 42 97B DWP COLP” or “JT 83 42 97B HMRC COLP.”
The £299 payment is the final of three payments that form the £900 support.