Lump sum cost of living payment worth £300 to land in one million bank accounts from TODAY – are you getting one?

ONE million more people will start receiving a £300 payment to help with the cost of living from today.

Around 840,000 households on child tax credits and working tax credits are set to receive the money from HMRC.

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All payments should be made between November 10 and November 19.

It comes as millions of others on different benefits including Universal Credit receive the £300 from the Department for Work and Pensions (DWP).

But those on tax credits will be paid by HMRC instead to ensure payments aren’t issued to eligible people more than once.

Anyone on tax credits and eligible for the tax-free cash doesn’t have to do anything as it is being made automatically.

But you should keep an eye out for a specific code in your bank statement – your National Insurance number followed by “HMRC COL”.

This will tell you the payment is the cost of living instalment and not from any other source.

You need to have been entitled to tax credits between August 18 and September 17 to qualify for the £300 payment.

If you were later found to be entitled to tax credits between the same dates you will also be eligible.

The £300 payment is the second instalment of three which total £900 from the government.

The first, worth £301, was paid in April and May this year, while the third is set to be paid before spring next year.

It follows the £650 cost of living payment made to over eight million people in 2022.

Who else qualifies for the cost of living payment?

It’s not just those on tax credits receiving the £300 cost of living payment.

A number of other benefits qualify you for the tax-free cash. The full list is:

• Universal Credit
• Income-based jobseekers allowance
• Income-related employment and support allowance
• Income support
• Working tax credit
• Child tax credit
• Pension credit

Despite the qualifying period for the £300 payment being August 18 to September 17 you may be able to claim benefits now and make yourself eligible for it.

There are 850,000 pensioners eligible for pension credit that aren’t claiming it – and it could mean they qualify for the second and third cost of living payments worth £300 and £299.

To get the £300, you will need to have been in receipt of at least one of seven benefits, including pension credit, between August 18 and September 17.

It doesn’t matter if you were only eligible for a day as long as that day fell within the qualifying period.

Because pension credit claims can be backdated by up to three months, you could claim now and qualify for the £300 payment.

But you will need to act quick to pick it up.

The Department for Work and Pensions (DWP) told The Sun that any eligible households should put in a claim for pension credit by December 10.

This will ensure any payments can be backdated and fall within the qualifying period for the £300 cost of living payment.

We’ve previously explained how to apply for pension credit.

What other help is coming?

Millions of pensioners are in line for a bumper Winter Fuel Payment worth up to £600 in November or December.

You qualify for the payment if you were born before September 25, 1957 and, in most cases, live in the UK.

Anyone who qualifies for the payment should have received a letter in October or November telling them they’re eligible.

The vast majority of eligible households don’t have to do anything and the tax-free payment will be made automatically.

You do not need to claim if you get any of the following:

• State pension
• Pension credit
• Attendance allowance
• Personal independence payment (PIP)
• Carers allowance
• Disability living allowance (DLA)
• Income support
• income-related employment and support allowance (ESA)
• income-based jobseeker’s allowance (JSA)
• awards from the war pensions scheme
• Industrial Injuries disablement benefit
• Incapacity benefit
• Industrial death benefit

You will need to claim if either:

• you’ve not got the Winter Fuel Payment before
• you’ve deferred your state pension since your last Winter Fuel Payment

You may also need to claim even if you are on one of the above benefits and live abroad.

Check out the government’s website for more details on countries where you can claim the payment from.

Any Winter Fuel Payments received won’t impact any other benefit entitlements.

Meanwhile, you may also be able to get help with the cost of living via the Household Support Fund, worth £842million.

The pot of money has been split between councils in England who are allocating their share.

That means what you can get varies, from direct bank transfers to energy or food vouchers.

Usually help is offered to households on a low income or benefits.

If this is you, it’s worth getting in touch with your local council to see what you might be eligible for.

You can find what council authority you fall under by using the Government’s locator tool online.

You might also be eligible for a Cold Weather payment from the government.

You receive £25 for every seven-day period where temperatures are consistently below zero degrees.

You also have to be on one of the following:

• Pension credit
• Income support
• income-based Jobseeker’s Allowance (JSA)
• income-related Employment and Support Allowance (ESA)
• Universal Credit
• Support for Mortgage Interest

Households in Scotland have to apply for the Winter Heating Payment instead.

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This post first appeared on thesun.co.uk