PARENTS whose teenagers are staying in education after getting their GCSEs tomorrow need to tell HMRC or risk losing up to £1,067 a year in child benefit.
All parents earning less than £50,000 are eligible to claim this for their first child and £712.40 a year for additional children.
Once one parent earns more than £60,000, benefit is wiped out by the “high income child benefit charge”, while those earning between £50,000 and £60,000 get a reduced amount depending on income.
Payments automatically stop on August 31 on or after your child turns 16, which is next month for those getting GCSE results tomorrow. If they are staying at school or college or going on to an “approved” training or apprenticeship scheme, child benefit can continue.
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