High Income Child Benefit Tax Charge
The question
To ask the Chancellor of the Exchequer, with reference to paragraph 5.146 of the Autumn Budget 2024, HC 295, what estimate her Department has made of the potential savings to the public purse for changes to the High Income Child Benefit Charge in each of the next five financial years.
Answered by Darren Jones
It is estimated that reforming the High Income Child Benefit Charge to be charged on a household income basis, with thresholds set to £120,000-£160,000 so that no families lose out, would cost £1.4 billion in 2029-30. This is an internal HM Treasury estimate provided by HM Revenue and Customs and based on Spring 2024 assumptions. The government has announced that it will not proceed with this reform.
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