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2022-08-23 17:51:26 by Nelsondbm

Child Benefit claimants warned of new tax probe that could lead to huge fines

Those whose income means they won actually end up receiving any Child Benefit because it is all taken away in tax are still encouraged to put in a claim as it means they get National Insurance (national insurance) Credits around a State Pension. Registering for Child Benefit also means the child is allocated a National Insurance number completely at age 16.

so even if your household income makes you ineligible for Child Benefit, You can still sign up and not receive the payments. You then don need to face the hassle of filling in self assessment forms and paying all the benefit back as a tax charge this is known as opting out.

Since it has been available since January 2013, The comfortable living Child Benefit tax has raised 2.95 billion for HMRC.

It has saved the federal government an estimated 4.9 billion furthermore from families opting out. At was the last count, 624,000 families had opted out of having it and 373,000 fee-based it.

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