In a significant financial boost for struggling families, nearly 300,000 households across the UK are set to receive the final Cost of Living payment this month. The £299 support payment will land in bank accounts between February 16 and 22, providing crucial relief during the ongoing economic challenges.
Who Qualifies for the Payment?
The payment targets households receiving tax credits exclusively, without other qualifying benefits. According to HMRC data, approximately 293,000 families fall into this category and will automatically receive the support.
To be eligible, claimants must have been entitled to tax credits between November 13 and December 12, 2023. This marks the third and final instalment of the government's Cost of Living support package for the 2023-24 financial year.
Payment Schedule and Details
The payment window runs from Friday, February 16 to Thursday, February 22. Recipients should look for the reference 'HMRC COLS' on their bank statements to identify the payment.
Myrtle Lloyd, HMRC's Director General for Customer Services, emphasised: "This payment will provide vital financial support to eligible tax credits customers across the UK. Further information about the Cost of Living Payments is available on GOV.UK."
Previous Payments and Full Support Package
This final payment completes a three-part support system that has already delivered:
- £301 paid during Spring 2023
- £300 paid during Autumn 2023
- £299 being paid February 2024
The combined support totals £900 for eligible households throughout the financial year. For those receiving other qualifying benefits, the Department for Work and Pensions (DWP) processed payments between February 6 and 22.
What to Do If You Don't Receive Payment
Officials advise that payments should appear automatically in eligible accounts. However, if you believe you qualify but haven't received the payment by February 23, you should contact HMRC directly. The government warns that reporting delays should only be made after this date to allow for processing time.
This support comes as many families continue to face pressure from high energy bills, food costs, and other essential expenses. The payment is tax-free, doesn't count toward the benefit cap, and won't affect existing benefit awards.
