Budget announcement on High Income Child Benefit Charge (HICBC) | Moorepay

Payroll Legislation

Budget announcement on High Income Child Benefit Charge (HICBC)

Legislation

Budget announcement on High Income Child Benefit Charge (HICBC)

Date

Summary

The 2024 Chancellor’s Budget also announced a change to the threshold for the High Income Child Benefit Charge (HICBC). The threshold has increase from £50,000 to £60,000 in April 2024 and that means that the top of the threshold had also changed from £60,000 to £80,000. 

There is an intention to reform the HICBC, but this is something likely to take a couple of years to push through. The nature of the reform will likely require HMRC to collect additional information to achieve a household income eligibility test. This may require changes to software, but the threshold change as it stands is something which happens outside of payroll.

payroll legislation guide

Payroll Legislation Guide

Do you know the dates of all the complex payroll legislation changes? Are you aware of what you need to do to ensure your business is compliant? Many UK businesses aren’t aware…