Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Mon, 16 Dec 2024 02:24:16 GMT by Wahwahdad
We opted out of child benefit in 2023/24 for one of our two children to reduce the HICBC... We receive just 1x child: £102.40/4wks As the rules changed for 2024/25 from 60k to 80k with a 0.5% reduction per 1k... Based on earnings for 2024/25, the calculation is: The child benefit received is £2,212.60. Tax charge to pay: The estimated tax charge to pay is £885.00. So that's £2212.60 - £885 = £1327.60 benefit kept The child benefit currently received will be 102.40 x 13 payments=£1331.20 I assume in keeping just the one child benefit going, we will only owe 1331.20-1327.60=£3.60' I assume that's all correct?
Posted Fri, 20 Dec 2024 12:27:34 GMT by HMRC Admin 19 Response
Hi Mattia,
If the pension contributions are deducted from your pay before the tax is calculated, then the figure will be your taxable pay which should be your gross pay minus the pension contributions.
Thank you.
Posted Mon, 23 Dec 2024 12:18:47 GMT by HMRC Admin 10 Response
Hi
For the 2024/25 tax year the HICBC threshold has increased to £60K & then 1% deduction for every £200 above this up to £80K when all child benefit due to be paid back Income Tax: Increasing the High Income Child Benefit Charge threshold

You must be signed in to post in this forum.