HMRC has confirmed that child benefit will be increased later this year as a measure to help out with the rising cost of living.

According to The Mirror, it will rise by 3.1% along with other benefits like Universal Credit.

HMRC has decided to bring in the increase which will hopefully mitigate the price rises in energy costs and council tax increases coming in this year.

Currently, there are two child benefit rates, £21.15 a week for the eldest child and £14 a week for any additional children.

For one child, that is £84.60 a month or £1,015.20 a year, with any child after that working out at £56 a month or £672 a year.

The rises coming in April will increase those by 65p a week and 45p a week respectively.

Worcester News: Families can claim Child Benefit for any number of children (Canva)Families can claim Child Benefit for any number of children (Canva)

What is Child Benefit?

According to the Government website, parents get Child Benefit if they are responsible for bringing up a child who is under 16 or under 20 if they stay in approved education or training.

Only one person can get Child Benefit for a child, it is paid every four weeks and there is no limit to how many children you can claim for.

However, you may have to pay back some of your Child Benefit in tax if your (or your partner’s) individual income is over £50,000 a year.