Close to £300 will drop into the bank accounts of millions of households next month as the government gives extra money to cash-strapped households.

Eight million people are expected to be given £299 – money they won’t need to pay back.

Known as a ‘cost of living payment’ the cash instalment is sent directly to homes the government has identified as needing help through the winter months.

The first payment, worth £301, was given out last spring while the second amount – £300 – was released shortly before Christmas.

To be entitled to the cash, claimants must be receiving one of the following benefits:

*Universal Credit

*Income-based Jobseekers Allowance

*Income-related Employment and Support Allowance

*Income Support

*Working Tax Credit

*Child Tax Credit

*Pension Credit

The money is the third - and final – payment of the financial year and will be sent between February 6 and February 22 for those receiving extra support from the Department for Work and Pensions.

Those families in receipt of tax credits only, will be given their money some time between February 16 and February 22.