The UK’s HM Revenue and Customs (HMRC) has launched a new £300 bank deduction scheme aimed at supporting eligible pensioners. Announced this month, the initiative is designed to ease financial pressures for those on fixed incomes. The one-time payment will be deposited directly into bank accounts for qualifying individuals, offering a small boost to help with rising costs. This article explains who can claim the payment, how it works, and what you need to do to check if you qualify.
Who Can Get the £300 Payment?
The scheme targets pensioners who meet specific criteria. To be eligible, you must be receiving a state pension and have an annual income below a certain threshold. HMRC has set this limit at £18,200 for single pensioners and £27,000 for couples. You also need to be a UK resident and have a registered bank account. The payment is not automatic, so you’ll need to check your eligibility and apply through HMRC’s online portal or by post.
| Eligibility Criteria | Details |
|---|---|
| Pension Status | Must receive a state pension |
| Income Threshold | Below £18,200 (single) or £27,000 (couple) |
| Residency | Must be a UK resident |
| Bank Account | Must have a registered UK bank account |
How the Payment Works
Once approved, the £300 will be paid directly into your bank account within six to eight weeks. HMRC says the payment is tax-free and won’t affect your pension or other benefits. It’s meant to help with everyday expenses like energy bills or groceries. If you’re eligible but don’t have online access, you can request a paper form from HMRC’s helpline. Make sure to apply before the deadline on 31 October 2025 to avoid missing out.
Why This Matters Now
With living costs still high, this payment could make a real difference for pensioners struggling to make ends meet. Many older people rely on fixed pensions, which don’t always keep up with inflation. The £300 is a small but welcome step to support those most in need. HMRC estimates that around 1.2 million pensioners across the UK could benefit, but only if they apply in time.
How to Check If You Qualify
To find out if you’re eligible, visit the HMRC website and use their online checker tool. You’ll need your National Insurance number and details of your income. If you prefer, you can call the HMRC helpline at 0300 200 3300. Staff will guide you through the process and answer any questions. It’s a good idea to double-check your income and pension details before applying to avoid delays.
Act Before It’s Too Late
The £300 payment is a one-off opportunity, and HMRC has stressed that funds are limited. If you think you might qualify, don’t wait until the last minute. Applications are open now, and the sooner you apply, the sooner you could receive the money. For more details, head to the HMRC website or contact their helpline. This small boost could help ease financial worries, so take a moment to see if you’re eligible.