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Higher incomes parent who have received child benefit this year and do not already complete tax returns must register for self assessment by 5 October to avoid penalties in relation to the high income child benefit charge (HICBC), HMRC have warned.
The department plans to write to 2m higher rate taxpayers, including those affected by recent changes to child benefit, reminding them they will need to complete a self assessment return for 2012/13 if:
Higher incomes parent who have received child benefit this year and do not already complete tax returns must register for self assessment by 5 October to avoid penalties in relation to the high income child benefit charge (HICBC), HMRC have warned.
The department plans to write to 2m higher rate taxpayers, including those affected by recent changes to child benefit, reminding them they will need to complete a self assessment return for 2012/13 if:
- they have an individual income of more than £50,000 a year;
- they or their partner received child benefit payments after the introduction of the HICBC; and
- their income for the tax year is higher than their partner’s: the partner with the higher income is liable to pay the charge if both partners have income exceeding £50,000.
The HICBC came into effect on 7 January. More than 390,000 people with higher incomes have so far opted out of receiving child benefit. The Revenue has confirmed that those who stopped payments before the launch of the charge do not need to take further action.
