State Benefits Jargon Buster

Personal finance is full of terms and words that can seem confusing and complicated. 

To help you make sense of all this money-related jargon, we’ve compiled a list of some of the most common terms you are likely to come across related to state benefits, with plain English alternatives.

State benefits jargon

Jargon: Tax Credits

Plain English: Financial support provided by the government to individuals or families with low incomes or children.

Jargon: HMRC (Her Majesty's Revenue and Customs)

Plain English: The UK government department responsible for collecting taxes and administering benefits.

Jargon: Child Benefit

Plain English: A regular payment made to parents or guardians to help with the cost of raising children.

Jargon: Universal Credit

Plain English: Regular cash payments paid by the State to people to meet living costs based on how much they earn and how much savings they have.