Cost of living payment: £301 cash boost to be paid from today - exact code that will show in your bank account

The first instalment of the £900 cost of living payments is set to land in bank accounts today. The £301 cash boost from the Department for Work and Pensions (DWP) and HMRC will be paid to those who are eligible over the next few weeks from Tuesday, April 25.

Those on means-tested benefits, such as Universal Credit, should have received their payment by Wednesday, May 17. People in receipt of Tax Credits will receive the money between May 2 and May 9.

The payments were announced in Chancellor Jeremy Hunt’s Autumn Statement and aim to help people on lower incomes amid rocketing food and energy costs. If you qualify for the payments, you should get:

• £301 paid between April 25 2023 and May 17 2023 for most people on DWP benefits
• £301 paid between May 2 and 9 2023 for most people on tax credits and no other low-income benefits
• £300 paid during autumn 2023 
• £299 paid during spring 2024 

If you’re due to receive the payment, there is an exact code you should look out for in your bank account. The cost of living payment will show under “DWP COLP” alongside your National Insurance Number.

Your National Insurance Number is nine digits long and starts with two letters, followed by six numbers and one letter. If you’re receiving your payment from the HMRC, the code is similar - it will show up as “HMRC COLS”.

List of benefits that qualify for the cost of living payment

• Income-based Jobseeker’s Allowance (JSA)
• Income-related Employment and Support Allowance (ESA)
• Income Support
• Pension Credit
• Universal Credit

You may also be entitled to a £150 disability cost of living payment if you claim the following:

• Attendance Allowance
• Constant Attendance Allowance
• Disability Living Allowance for adults
• Disability Living Allowance for children
• Personal Independence Payment
• Adult Disability Payment (in Scotland)
• Child Disability Payment (in Scotland)
• Armed Forces Independence Payment
• War Pension Mobility Supplement

To check eligibility and for more information, visit the Government website.