Automatic Payment
Starting from tomorrow, millions of households in the UK will receive a £300 cash payment. This payment is part of the cost of living payment and will be automatically deposited into their bank accounts. There is no need to take any action to receive this payment.
What to Look Out For
When checking their bank statements, recipients should keep an eye out for a specific code that indicates it is the cost of living payment. If the payment is issued by the Department for Work and Pensions (DWP), the code "DWP COL" will appear, followed by the recipient's National Insurance number. For payments issued by HM Revenue and Customs (HMRC), the code "HMRC COLS" will be displayed.
Qualifying Benefits
To be eligible for the £300 payment, individuals must have received one of the following benefits between August 18 and September 17:
- Universal Credit
- Income-based jobseeker's allowance
- Income-related employment and support allowance
- Income support
- Working tax credit
- Child tax credit
- Pension credit
Payment Schedule
Recipients who only receive working tax credits or child tax credits will be paid by HMRC between November 10 and 19. All others will be paid by the DWP. This schedule ensures that those receiving additional qualifying benefits alongside tax credits do not receive the payment twice.
Additional Support
If individuals do not qualify for the cost of living payment, there are other forms of assistance available:
- Pensioners will receive a separate £300 Cost of Living payment, with the exact date to be announced
- Those eligible for the Winter Fuel Payment will receive an extra £300, bringing the total potential payment to £600
- Households can benefit from the £150 Warm Home Discount, which is applied to their electricity bill for winter 2023 to 2024
- Those eligible for cold weather payments can receive £25 per week during periods of extremely cold weather between November 1 and March 31
- Additional support, including a £10 Christmas bonus, may be provided by the Department for Work and Pensions
If individuals are eligible for any of these forms of assistance, they will automatically receive the payment without having to take any further action.
