diff --git a/CHANGELOG.md b/CHANGELOG.md
index d34a2efa9..bdba5ea26 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,13 @@
 
 All notable changes to this project are documented in this file.
 
+## 0.5.1
+
+**Release date:** 2021-01-14
+
+This prerelease fixes a regression bug introduced in `v0.5.0` that caused
+reconciliation request annotations to be ignored in certain scenarios.
+
 ## 0.5.0
 
 **Release date:** 2021-01-12
diff --git a/config/manager/kustomization.yaml b/config/manager/kustomization.yaml
index 0312aefd6..40c681ba2 100644
--- a/config/manager/kustomization.yaml
+++ b/config/manager/kustomization.yaml
@@ -5,4 +5,4 @@ resources:
 images:
   - name: fluxcd/helm-controller
     newName: fluxcd/helm-controller
-    newTag: v0.5.0
+    newTag: v0.5.1
diff --git a/go.mod b/go.mod
index e2891ac63..d9bf0fa6b 100644
--- a/go.mod
+++ b/go.mod
@@ -5,7 +5,7 @@ go 1.15
 replace github.com/fluxcd/helm-controller/api => ./api
 
 require (
-	github.com/fluxcd/helm-controller/api v0.5.0
+	github.com/fluxcd/helm-controller/api v0.5.1
 	github.com/fluxcd/pkg/apis/meta v0.5.0
 	github.com/fluxcd/pkg/runtime v0.6.2
 	github.com/fluxcd/source-controller/api v0.6.1