MILLIONS of Universal Credit and other benefit claimants across the UK will receive a £300 cost of living support payment next month, the Department for Work and Pensions has revealed.

The DWP announced the dates for the next cost of living payment today, revealing that millions of eligible households will receive the £300 cash boost from October 31.

It will be the second of three payments totalling up to £900 for those eligible and on means-tested benefits, such as Universal Credit, Pension Credit or tax credits, in 2023/24.

People eligible for payments who are claiming tax credits only, who do not qualify for a payment from the DWP, will get £300 from HM Revenue and Customs (HMRC) between November 10 and 19.

Payments are tax-free, will not count towards the benefit cap and will not have any impact on existing benefit awards, the Government said.

Eligible pensioner households will also get a further £300 payment later this year in addition to the winter fuel payment.

The £300 cost-of-living payment will be sent out automatically and directly to recipients, meaning those eligible do not need to apply, contact the Government or do anything to receive it.

This includes tax credits-only customers, who will receive the payment from HMRC.

The payment reference for bank accounts will be the recipient’s national insurance (NI) number followed by “DWP COL” or “HMRC COLS”.

Work and Pensions Secretary Mel Stride said: “The best way we can boost bank balances is by bearing down on inflation, but, as we get there, we are ensuring the most vulnerable households are cushioned from high prices with a further cost-of-living payment.”

Chancellor Jeremy Hunt added: “Halving inflation and getting price rises under control is the best way to support households struggling with their bills.

“But it is also right that we are helping the most vulnerable in our society, and this latest cost-of-living payment is part of a package of support worth £3,300 per household on average over this year and last to help those struggling the most.”

This is everything you need to know about the DWP cost of living payments.

DWP £300 cost of living payment eligibility

To be eligible for the latest cost-of-living payment from the DWP, someone needs to have been entitled to a payment for a qualifying benefit between August 18 and September 17, or a payment for an assessment period, ending between these dates.

From HMRC, they need to have received a payment of tax credits for any day between August 18 and September 17.

There are several benefits that could make claimants eligible for the Cost of Living Payment, including Universal Credit and tax credits – through which 5.4 million households across the UK are expected to qualify, and Pension Credit, through which 1.4 million pensioner households are expected to be paid. 1.3 million will be eligible through legacy DWP benefits such as Jobseekers Allowance and Income Support, reaching a total of 8.1 million households.

Eligible individuals do not need to apply for payments, as they are made automatically. Those eligible for cost of living payments through tax credits, and no other means-tested benefits, will be paid by HMRC shortly after DWP payments are made.

DWP cost of living payment dates

The exact payment dates are yet to be announced by the DWP, but this is when to expect each individual payment over the next year:

  • Second cost of living payment - £300 – October 31 to November 19
  • Pensioner payment - £300 – Winter 2023
  • Third cost of living payment - £299 – Spring 2024