Have you paid the right amount of High Income Child Benefit ?
Released On 8th Oct 2024
If you or your partner earned more than £50,000 during the year, this charge could apply to you, requiring repayment of some or all the child benefit you or your partner received.
What is the HICBC?
The HICBC is a tax charge aimed at higher earners where either they or their partner receive child benefit.
It is calculated based on your adjusted net income, which includes your salary and any taxable benefits, such as a company car or medical insurance.
The charge kicks in for the 2022/23 tax year if your adjusted net income exceeded £50,000.
If your income fell between £50,000 and £60,000, you would repay a portion of the child benefit received.
If it was over £60,000, you’re required to repay the entire amount.
