{
  "url": "https://openlegislation.uk/finance-no-2-act-2024/section-5",
  "json_url": "https://openlegislation.uk/finance-no-2-act-2024/section-5.json",
  "legislation": "ukpga/2024/12",
  "legislation_title": "Finance (No. 2) Act 2024",
  "legislation_url": "https://openlegislation.uk/finance-no-2-act-2024",
  "path": "section/5",
  "kind": "section",
  "number": "5",
  "heading": "Increase in thresholds to £60,000 and £80,000",
  "text": "(1) In—\n(a) section 681B(1)(a) of ITEPA 2003 (liability to high income child benefit charge if person’s adjusted net income exceeds £50,000), and\n(b) section 681C(2)(b) of that Act (amount of the charge), in the definition of “L” ,\nfor “£50,000” substitute £60,000”.\n(2) In section 681C(2)(b) of that Act, in the definition of “X” (which, in combination with the other parts of the formula, secures that there is a taper in the charge up to adjusted net incomes of £60,000), for “£100” substitute “£200”.\n(3) The amendments made by this section have effect for the tax year 2024-25 and subsequent tax years.\n(4) If—\n(a) a person (“P”) who is entitled to child benefit in respect of one or more children makes a claim, on or after 6 April 2024 but before 8 July 2024, for the payment of the benefit, and\n(b) in consequence of the backdating of the entitlement, P is entitled to an amount in respect of child benefit for one or more weeks in the tax year 2023-24,\nthe entitlement to those amounts is to be treated for the purposes of Chapter 8 of Part 10 of ITEPA 2003 as an entitlement to those amounts for weeks in the tax year 2024-25.\n(5) But subsection (4) does not apply if—\n(a) ignoring the deeming in that subsection, there would be no liability (whether of P or anyone else) to a high income child benefit charge for the tax year 2023-24 in respect of those amounts, or\n(b) P makes an election for that subsection not to apply.\n(6) P may make an election under subsection (5)(b) only if P reasonably considers that, in the absence of the election, P’s liability to a high income child benefit charge for the tax year 2024-25 in respect of those amounts would exceed P’s liability to that charge for the tax year 2023-24 in respect of those amounts.\n(7) Section 681H(3) of ITEPA 2003 applies for the purposes of subsection (4) as it applies for the purposes of Chapter 8 of Part 10 of that Act.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2024/12/section/5",
    "retrieved_at": "2026-10-29T08:48:21.464202+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}