- This is a one-off payment of £250 to become available by April 2005, for all children born since 2002. Find out more at: www.savingforchildren.co.uk
- The payment is made into a trust fund for the child, and will not be available to the child until their 18th birthday.
- Parents may also add a limited amount into this fund, and there are promises of further amounts (as yet un-quantified) on the child's 7th birthday.
- This is a weekly benefit of £16.50 per week for the first or only child (£17.55 for a lone parent), and £11.05 for every subsequent child. You can get some more information at the HMRC website
Child tax credit
- • This is a credit given via the tax system which means you are charged less tax. Although it is means tested, it can apply if the joint income of the parents is up to £58,175 (up to £66,350 if you have a child under one). The credit for the first year of the baby's life is £2,390, thereafter it is £1,845 per annum.
- From April 2008, the credit for the first year of a baby’s life will be £2,565, thereafter it is £2,020 per annum.
Child-related elements of benefits
- If you are claiming income support or jobseeker's allowance, there is an additional element of these allowances if you have a child.
Job centre website. Very comprehensive site listing benefits you are entitled to if you are bringing up children.
Raising Kids. This is an excellent site for supporting parents — not just about money matters, but all manner of interesting, inspirational and supportive material.
Saving for Children. This has all sorts of information about investments, with specific relevance for children.
EntitledTo provides free calculators to help you work out your entitlement to benefits and tax credits.
In debt and need help?
Call a CCCS counsellor at 0800 138 1111