UPDATE: |Millions of families to get HMRC Child Benefit boost from Monday April 7 News

Child Benefit is currently worth £25.60 a week for your first child, then £16.95 a week for any additional child you have – but rates are set to rise from April 7

Millions of families are set to see an increase in their Child Benefit payments from next week. Currently, Child Benefit stands at £25.60 a week for the first child and £16.95 a week for any subsequent children.

These rates will see a 1.7% increase from April 7. This means that Child Benefit will be worth £26.05 a week for the first child and £17.25 for each additional child.

If you have one child, Child Benefit amounts to £1,354.60 annually, with an extra £897 added for each additional child. Claiming Child Benefit also earns you National Insurance credits which contribute towards your state pension.

There is no cap on the number of children for whom you can claim Child Benefit. To qualify for Child Benefit, you must be responsible for someone under the age of 16. They typically need to live with you, or you must contribute at least the same amount as Child Benefit towards their care, reports the Mirror.

You might be eligible to continue claiming until your child turns 20 if they are in approved education or training. This could include A-Levels, NVQs or even home education, but it does not cover university or BTEC qualifications.

If two people care for a child, only one person can claim Child Benefit.

You are entitled to claim Child Benefit if you are fostering a child, provided the local council is not contributing towards their accommodation or maintenance. It’s also available if you’ve adopted a child or, under certain conditions, if you are caring for a friend’s or relative’s child.

However, if either you or your partner earns more than £60,000, you must repay some of the Child Benefit, at a rate of 1% for every £200 earned above this threshold. This repayment is known as the High Income Child Benefit Charge.

Once your earnings exceed £80,000, the Child Benefit you receive will essentially be cancelled out, as you’ll be required to pay back the entire amount. Typically, this repayment is handled through an annual self-assessment tax return.

Yet, following Chancellor Rachel Reeves’ announcement in the Spring Statement, families will soon have the choice to account for their Child Benefit payments and settle any charges directly via their PAYE tax code. Alternatively, payment through self-assessment will remain an option.

Myrtle Lloyd, HMRC’s Director General for Customer Services, commented on the value of the benefit: “Extra pounds count and Child Benefit can give your household budget a boost. Claiming online or managing your Child Benefit payments via the HMRC app is quick and easy so, if you haven’t already, go to GOV.UK to start your claim today.”

Child Benefit is typically paid on a Monday or Tuesday, meaning that the upcoming Easter bank holidays next month will affect your payments. There’s a bank holiday on Monday, April 21, for Easter Monday.

If you’re expecting a Child Benefit payment on April 21, you’ll receive your money earlier, on Thursday, April 17. This is due to Good Friday also being a bank holiday on April 18, with Easter Sunday falling on April 20.

The amount you receive won’t change, only the date it lands in your account. However, if you do get paid earlier, you’ll need to budget carefully as there will be a longer gap until your next payment.

Child Benefit, claimed by more than seven million families, is paid every four weeks by HMRC.