ICAEW guidelines on child benefit changes

The ICAEW has issued guidelines on the pending changes to higher rate child benefit, warning families with an adult earning over £50,000 of complex changes to their allowances.

The new high income child benefit charge (HICBC) comes into force on 7 January 2013 and will affect anyone earning between £50,000 and £60,000. Child benefit will be withdrawn gradually from those where one parent or partner earns over £50,000 and withdrawn entirely from those where someone earns in excess of £60,000 a year.