At the Spring Budget, the Chancellor increased the threshold to £60,000, with a taper to £80,000, now the Conservatives want to raise this to £120,000
Families who earn up to a combined £120,000 could be set to keep all their child benefits if the Conservative Party wins the electoral race on 4 July. This would be an increase from the current £60,000 High Income Child Benefit Charge (HCIBC) threshold.
The benefit is currently removed entirely after earning over £80,000 but could be doubled to £160,000 by the Conservatives and has the potential to benefit 700,000 families by granting them an average of £1,500 a year. This would potentially leave just 900,000 families without being able to claim any of the benefit.
Chancellor Jeremey Hunt said: ‘Raising the next generation is the most important job any of us can do so it’s right that as part of our clear plan to bring taxes down, we are reducing the burden on working families.’
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