Child benefit axed from high taxpaying families

Child benefit will be scrapped for all higher rate taxpayers in a bid to make the system fairer to low income households and save the government about £1 billion. Parents who earn over £44,000 and pay 40% tax will be affected by the changes, which are set for 2013. Currently all families with children receive the benefit regardless of their income. Parents are paid £20.30 a week for their eldest child and £13.40 for subsequent children until they reach the age of 19 as long as they are still in full time education.