[eɪʧ-aɪ-siː-biː-siː]
HICBIC stands for High Income Child Benefit Charge and is a tax charge that exists to reduce the amount of Child Benefit a high earner receives.
HICBC stands for High Income Child Benefit Charge. It is a tax charge that applies if either you or your partner earns over £50,000 per year.
If you are above this threshold, you are required to pay a tax charge on some or all of the Child Benefit you receive. If either one of you earn over £60,000 per year, the full Child Benefit must be paid back. The higher earner out of the two is liable for the charge.
If you know you are going to pay all Child Benefit back, you can opt to stop receiving the Child Benefit entirely. Or, you can just fill in a Self Assessment to pay back all the Child Benefit that you owe back.
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