You may have heard about this in the press, or could have received a letter from HMRC.
It only applies to people when their own, or their partner’s, income exceeds £50,000 a year – if your income is below this then it does not affect you.
Should your income exceed this level then it would again only affect you if you or your partner are receiving child benefit payments, or if someone else is claiming child benefit payments for a child that lives with you. If this is not the case, then it also does not apply to you.
If the HICBC does apply, then there are a couple of options:
1) Keep receiving the child benefit payments.
2) Stop receiving the child benefit payments.
Should you continue to receive child benefit payments, and your income be above £50,000, then these will need to be reported on the tax return.
For those who have professional advisers, it will simply mean notifying your accountant. For others, they will have to register for self-assessment and complete a tax return each year.