Conservatives pledge to raise high income child benefit threshold – how much could you save?

The high income child benefit charge threshold could be doubled to £120,000 if the Conservative Party wins the general election, Chancellor Jeremy Hunt has pledged.

Child holding parent's hand
Child benefit changes could be on the way if the Conservative Party wins the next election
(Image credit: Getty Images)

High-earning families could be able to keep more of their child benefit payments under a new Conservative government, Chancellor Jeremy Hunt has revealed.

Unveiling the latest sweetener to woo voters ahead of the general election on 4 July, Hunt said the Conservative Party would raise the high income child benefit charge (HIBC) threshold to £120,000, helping around 700,000 families hold on to more of the payments.

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Parent one salaryParent two salaryHousehold incomeCurrent £60k CB thresholdHICB Charge under current rulesNew proposed £120k thresholdHICB Charge under proposed rules
£90,000£20,000£110,000£0£2,212.60£2,212.60£0
£75,000£65,000£140,000£553.15£1,659.45£1,106.30£1,106.30
£70,000£35,464.00£105,464 £1,106.30£1,106.30£2,212.60£0
Marc Shoffman
Contributing editor

Marc Shoffman is an award-winning freelance journalist specialising in business, personal finance and property. His work has appeared in print and online publications ranging from FT Business to The Times, Mail on Sunday and the i newspaper. He also co-presents the In For A Penny financial planning podcast.