March 12, 2024
Changes to High-Income Child Benefit Charge
We wanted to bring to your attention some important changes regarding the High-Income Child Benefit Charge (HICBC) that will come into effect from 6 April 2024.
Increased Threshold:
The HICBC threshold will be raised to £60,000 from the current £50,000. This means that individuals earning up to £60,000 can now claim Child Benefit without being subject to the charge.
Clawback Range:
The clawback range for the HICBC will remain between £60,000 and £80,000. If your income falls within this range, you may still be eligible for Child Benefit, albeit with a partial charge.
Consider Restarting Claims:
Given these changes, it may be worthwhile for those who previously stopped claiming Child Benefit due to the income threshold to reconsider. Restarting the claim could provide valuable National Insurance (NI) credits, especially if one of you is not currently employed.
Navigating Changes:
At Jerroms, our team of experts is here to assist you in navigating these changes seamlessly. Whether you have questions, or need guidance, reach out to your usual Jerroms contact or contact us.
SUCCESSION PLANNING AND PASSING ON FAMILY WEALTH
Get In TouchPlanning for the future is one of the most important steps you can take to protect your family’s financial wellbeing and ensure your legacy is passed on in the most effective way possible. Whether you're considering gifting assets during your lifetime or establishing trust structures to safeguard wealth for future generations, succession planning requires careful thought, strategic timing, and a clear understanding of the tax implications involved.
This booklet provides a practical overview of the key considerations when transferring wealth.
We’ve summarised the main areas to consider and highlighted the potential advantages and pitfalls of each approach. While this guide offers a useful starting point, we strongly recommend seeking tailored advice to ensure your succession plan is both tax-efficient and aligned with your family’s needs.
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Jerroms Mortgage & Finance Ltd is registered in England and Wales. Registered number 11459888. Registered Office address as above. Authorised and regulated by the Financial Conduct Authority (reference number: 829252). Mortgages Together, Stratford Corporate Finance and Business Finance Quote are trading names of Jerroms Mortgage & Finance Ltd. VAT No. 326 4715 04.
Jerroms Financial Planning is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference 300784. Registered in England and Wales under reference 4710626. Registered office address: Lumaneri House, Blythe Gate, Blythe Valley Park, Solihull, West Midlands B90 8AH.
Client Directors of the firm are not directors of Jerroms and are not subject to the obligations and responsibilities of directors within Part 10 of the Companies Act 2006.
Jerroms is a trading style of both Jerroms Business Solutions Limited (08923059) and Jerroms GCN Limited (08433008). Registered Office for each of these Companies is: Lumaneri House, Blythe Gate, Blythe Valley Park, Solihull, West Midlands, B90 8AH. A list of directors is open for inspection at the Registered Office.
