Parents of 16-year-olds who are continuing into full-time education need to act now to continue receiving Child Benefit for the next year.
Child Benefit automatically stops on 31 August after children reach 16, but it can be claimed for children continuing their education or training.
Parents have one week left to tell HM Revenue and Customs (HMRC) that their 16-year-old is continuing their education or training, to continue receiving Child Benefit.
They can use the online service on GOV.UK or the HMRC app to tell HMRC about their child’s plans.
Alice Guy, Head of Pensions and Savings, interactive investor says: “Parents should have received a letter to warn them that Child Benefit is stopping for their 16-year-old. But in the busyness of holidays, juggling childcare and waiting for GCSE results, it’s easy to let sorting out the paperwork slip off the to-do list.
“But not sorting out the paperwork could be an expensive mistake. Child Benefit is currently worth £1,248 each year for the first child and £826 for additional children, which is a huge help to parents with the rising cost of feeding and clothing teenagers.
“Children are still eligible for Child Benefit who are studying full time, which can include, A-levels, International Baccalaureate, home education - if it started before their child turned 16 or after 16 if they have special needs, T levels, NVQs, up to level 3 and traineeships in England.
“Although parents earning between £50,000 to £60,000 will start to lose their Child Benefit, it can still be worth claiming. Your pension contributions reduce your contributions as far as the taxman is concerned, so you may be entitled to keep at least some of your Child Benefit.”
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