The final cost of living payment is worth £299 and is currently being sent out – so who is due this money, and when were the previous cost of living payments sent?
The third and final cost of living payment is currently being sent to millions of UK households.
This is the last instalment in the £900 cost of living package – at the time of writing, no further payments have been announced by the Government. The current cost of living payment is worth £299 and will be sent to eligible households by February 22.
The two previous payments were worth £301 and £300, respectively. If you didn’t get one of the first two payments, you may still be entitled to the last £299 instalment. We explain everything you need to know.
Who is entitled to the £299 cost of living payment?
You need to have been in receipt of one of these benefits between November 13 and December 12 last year to get the £299 payment. If you claim Universal Credit, you must have been eligible for a payment for an assessment period ending between these dates.
- Universal Credit
- Income-based Jobseeker’s Allowance
- Income-related Employment and Support Allowance
- Income Support
- Working Tax Credit
- Child Tax Credit
- Pension Credit
But you may not be eligible for the payment if your Universal Credit is reduced to £0, or if you claim Tax Credits and your entitlement for the tax year is below £26. There are some exceptions, for example, if money was taken off your Universal Credit for rent or for money you owe, or if you had a hardship payment.
If you start claiming benefits and your claim gets backdated to the timeframe we’ve mentioned above, then it is possible you might be entitled to the cost of living payment at a later date. For example, you can backdate Pension Credit by three months and the deadline to do this, and be entitled to the £299 cost of living payment, is by March 5.
Do I have to apply for the £299 payment?
No, the payment will be made automatically paid into your bank account – so you won’t need to apply for it. Be aware of scammers who are trying to exploit people into handing over their personal details.
The payment will show in your bank account as your National Insurance Number followed by DWP COL. The HMRC payment reference will be HMRC COLS. These payments are not taxable and will not affect the benefits or tax credits you get.
When were the £301 and £300 payments made?
Both the £301 and £300 cost of living payments were awarded to people claiming the same set of benefits we’ve mentioned above. The £301 was paid between April 25 and May 17, 2023 for most people claiming DWP benefits only – for HMRC Tax Credits, the payment window was between May 2 and May 9, 2023.
The £300 cost of living payment was awarded to DWP benefit claimants between October 31 and November 19, 2023, and between November 10 and November 19, 2023, for HMRC Tax Credits. You would have been paid by the DWP unless you received only Tax Credits and no other benefits, in which case you would have been paid by HMRC.