What Did the Last Budget Do For You?
What Did the Last Budget Do For You?
The biggest losers are those earning over £100,000. Personal allowances have been reduced, and their top tax rate has been increased to 50%. Also, tax relief on pensions has been reduced to 20%.
But it’s not only the wealthy who are hit. “Sin taxes” on tobacco, alcohol, bingo and fuel duty are all up, particularly hitting those on lower incomes, because proportionally the higher costs will eat into more of their income.
And the good news… ? Thousands of pensioners will be better off from the autumn when the savings limit for pensions credits will rise from £6,000 to £10,000, and the higher winter fuel allowance, which was announced last year, to help offset rising energy bills, is to be maintained for another year.
Parents with disabled children will receive extra help, and a new car scrappage scheme has been announced, in order to boost the ailing motor industry. However, there are some doubts about how effective the scrappage scheme will actually be.
From next April, the child element of the Child Tax Credit will go up. However, the increase will be just £20 per year, per child - less than 40p per week - so in reality this will not be of much help.
While savers will benefit from a £3,000 increase in the annual ISA allowance, this will not take effect until October 6 for over 50s, and next April for under 50s.
The failure of the Government to do more for savers could come back to bite it.
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