You may be liable to the High Income Child Benefit charge if you, or your partner, have an individual income of more than £50,000 and one of you gets Child Benefit. It may also apply if someone else receives Child Benefit for a child who lives with you.
The new rules came into effect 7th January 2013, unusually part-way through the tax year. The option facing affected households was either to stop claiming the benefit from that date, otherwise to make a repayment of it based on a sliding scale.
An estimated 120,000 middle-class parents could be facing fines of £100 because they have so far failed to register for self-assessment and repay the benefit. Penalties can rise to £1600 for those who file more than a year late.
Find out if you’re liable, what this means and what you need to do go to https://www.hmrc.gov.uk/childbenefitcharge/
Contact us if you require help with your tax return.