Child benefit cuts on the way October 12th, 2012 admin Latest News Shares Comments 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. Onthespot – your online reporter www.onthespotnews.co.uk Do you have a story to tell? Please text or phone 07930717137 or email [email protected] Follow OTS (Onthespot) on Twitter www.twitter.com/onthespot_news Related Comments comments!