First Published:
27/03/2023
Spring Budget Highlights
A range of new tax, benefits and energy measures have been announced by Chancellor Jeremy Hunt.
Here are some of the key points:
- The Energy Price Guarantee will remain at £2,500 a year from April instead of rising to £3,000.
- Prepayment meter customers will pay less for energy from July, as charges are brought in line with those for direct debit customers.
- Heat network customers are to get more support with energy bills.
- Parents will get more help with childcare costs, including new government-funded childcare hours for under-threes and higher claim limits for those on universal credit, and upfront payments.
- Some pension savers will get more tax relief from April, as most of the allowances will be raised.
- The ‘work capability assessment’ for benefits will be scrapped as part of a major package of reforms to disability benefits.
- Fuel duty has been frozen once again in a boost to motorists.
- Foster carers will get a tax cut with their tax-free allowance set to rise to £18,140 a year.
- Savings and ISA allowances have frozen.
- Help to Save will continue until April 2025 for those on low incomes claiming certain benefits.
- Alcohol and cigarette costs will rise as the duties on these products increase.
While it wasn’t directly mentioned, the Budget has also essentially confirmed that income tax thresholds will remain frozen.
Read more…
Please see link below for further information:
Budget 2023: Martin Lewis rounds up today’s key announcements and what they mean for your finances (moneysavingexpert.com)
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