Martin Lewis reveals exact date £299 cost of living payment will be made

13 December 2023, 16:04

Martin Lewis revealed the date millions of households will receive their final payments. Picture: ITV/Alamy

The finance expert shared the vital information during his last Martin Lewis Money Show of 2023.

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Martin Lewis has revealed the exact date the next £299 cost of living payment will be made.

The finance guru, 51, shared the important information with viewers last night as he returned to TV screens for 2023's last instalment of the Martin Lewis Money Show.

During his "time for a quickie" section, the popular savings guru detailed when the third and final handout will be paid to those who are eligible for the benefit.

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Martin said: "Tomorrow, we will be told the third £299 cost of living payment date for those on benefits that will be paid to eight million households and I've got special permission to tell you tonight before it comes out tomorrow. I've been nagging at them all day."

The third cost of living payment will be made in February 2024. Picture: Alamy

The financial journalist explained it will be handed out to qualifying UK residents – approximately eight million households – between 6th February and 22nd February 2024.

"The eligibility is based on if you get qualifying benefits, which is most means tested benefits such as Universal Credits, Tax Credits, Employment Support Allowance," he added.

To meet the criteria for the upcoming cost of living payment in February 2024, Martin said that people would need to be claiming these specific benefits between 13th November and "roughly today", adding: "If you're eligible now you will get it next February."

Martin Lewis made the announcement during his final show of 2023. Picture: Twitter

Previous cost of living payments handed out by the government have been granted to those claiming the following DWP and HMRC benefits:

Child Tax Credits
Income Support
Income-based jobseeker's allowance
Income related employment and support allowance
Pension Credit
Universal Credit
Working Tax Credits

The second payment of this type was worth £300 and was handed out to those eligible between 31st October and 19th November 2023.

You would have had to be claiming these DWP and HMRC benefits between 18th August and 17th September 2023 to qualify for the extra government cash earlier this year.

The first cost of living payment was made from 25th April 2023 onwards and was worth £301.

The three cost of living payments total at £900. Picture: Alamy

Households did not need to apply for the £900 grant, which has been split into three chunks across the financial year, as it is being paid to people automatically.

When explaining the grant in extra detail, moneysavingexpert.com added: "The payments are all tax-free, will not count towards the benefit cap and will not have any impact on your existing benefits."