UK Government to Provide £300 Cost of Living Payment to Millions This Autumn

Millions of households across Scotland, England, and Wales are set to receive a much-needed boost to their finances this Autumn. The UK Government has announced a £300 cost of living payment as part of its financial support package, with the Department for Work and Pensions (DWP) confirming the payment schedule.

Between Monday, October 31, and Sunday, November 19, 2023, approximately eight million households will see £300 deposited directly into their bank accounts by the DWP. Those in receipt of Tax Credits but no other qualifying benefit will receive their £300 payment from HM Revenue and Customs (HMRC) between Friday, November 10, and Sunday, November 19, 2023.

These payments will be easily identifiable in bank statements as ‘DWP COL’ or ‘HMRC COLS,’ accompanied by the claimant’s National Insurance number.

To qualify for the DWP’s £300 cost of living payment, individuals must have been entitled to a payment for a qualifying benefit between August 18 and September 17 or received payment for an assessment period ending within these dates.

For HMRC’s £300 cost of living payment, eligibility is based on having received a payment of Tax Credits for any day between August 18 and September 17.

Responding to inquiries about the payment schedule, Minister for Social Mobility, Youth and Progression, Mims Davies MP, stated, “Qualifying dates for the means-tested cost of living Payments are being set out in secondary legislation, and payment dates for the vast majority of people will be announced on our dedicated page on gov.uk once the relevant regulations have been made.” Importantly, Davies emphasized that all cost of living payments will be made automatically, eliminating the need for individuals to apply or take any action to receive them.

The £300 cost of living payment schedule is as follows:

• October 31 – November 19: for people on DWP means-tested benefits and those in receipt of Tax Credits who also qualify for a DWP benefit.
• November 10 – November 19: for individuals in receipt of Working Tax Credits or Child Tax Credits only.

This financial support will benefit eligible households receiving the following benefits:

• Universal Credit
• Income-based Jobseekers Allowance
• Income-related Employment and Support Allowance
• Income Support
• Pension Credit
• Working Tax Credit (paid by HMRC if no other DWP means-tested benefit is claimed)
• Child Tax Credit (paid by HMRC if no other DWP means-tested benefit is claimed)

It’s important to note that joint claimants will receive a single payment. For joint Tax Credits claimants, where one receives Working Tax Credit and the other receives Child Tax Credit, payments will be made into the same bank account as the Child Tax Credit.

This £300 payment is the second installment of a three-part support package, with the third and final payment of £299 scheduled for next Spring. Additionally, there will be £300 payments for individuals of State Pension age starting in November, coinciding with the annual Winter Fuel Payment.

This financial assistance aims to alleviate some of the cost of living pressures faced by many households in the UK during these challenging times.