Child benefit cuts on the way

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Child benefit cuts on the way
Millions of parents will be getting a letter within the next month from HM Revenue and Customs spelling out how their child benefit could be cut.

Households where at least one person earns more than £50,000 will have the benefit effectively reduced or stopped.

Tax officials say the changes could mean up to 500,000 parents having to complete self-assessment tax forms.

The cuts are needed to ensure the better off do their bit to reduce the deficit, ministers say.

 The change is due to come into force on 7 January, 2013. For someone with two children earning £60,000 a year it is the equivalent of a 4.5% pay cut.

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