Published On: Fri, Apr 10th, 2020

Furlough: Parents hit by coronavirus could boost income with Child Benefit payments | Personal Finance | Finance

“Those who have children under 16 or under 20, who are still in education, may become eligible for tax-free Child Benefit if their earnings or profits fall below £60,000 in the 2020/21 tax year,” Ms Ingram explained.

“Those with one income over £50,100 pay a progressive tax charge on Child Benefit, so that once income exceeds £60,000 it is taxed at 100 percent.

“As such, many high earning parents have waived their right to claim the benefit.

“If facing a dip in income they could claim Child Benefit to bridge some of the gap in their earnings.”

Should parents become eligible, Ms Ingram said they should consider applying for the payment using the form CH2 – something which can be found on the government website.

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