In the aftermath of the Budget, The Mirror has compiled a list of important dates for the implementation of major changes. Here’s a breakdown of key updates:
– Alcohol prices are set to increase as alcohol duty will see a 3.66% rise starting February 2026, following the Retail Price Index (RPI) inflation.
– Rail fares in England will remain frozen until 2027, breaking the typical annual April increase trend.
– The two-child benefit cap will be removed in April 2026, allowing families to claim Universal Credit or Tax Credits for additional children.
– State pension will rise by 4.8% from April 2026, boosting the weekly amount to £241.30.
– DWP benefits, including Universal Credit, will see an increase in April 2026, with the standard allowance for individuals and couples going up significantly.
– Car tax rates will escalate in line with RPI inflation from April 2026.
– Energy bills are expected to decrease by £150 from April 2026 by discontinuing the Energy Company Obligation scheme.
– Minimum wage for workers aged 21 and over will rise to £12.71 per hour from April 2026.
– NHS prescription costs will be held steady at £9.90 per item, defying the usual April increase.
– The temporary 5p per litre fuel duty cut will end in September 2026.
– The cash ISA limit will be reduced to £12,000 for under-65s in April 2027.
– Tax rates on savings interest and property interest will increase from April 2027 for different taxpayer categories.
– Student loan repayment thresholds will be frozen from April 2027.
– Pensions will be subject to Inheritance Tax from April 2027.
– A new surcharge will apply to homes valued over £2 million starting April 2028.
– Electric vehicle (EV) drivers will face new taxes from April 2028 based on mileage.
– The Help to Save scheme for Universal Credit recipients will become a permanent fixture from 2028.
– The freeze on tax thresholds will continue until April 2031, potentially impacting more workers with higher tax brackets.
These changes signify a significant shift in various financial aspects affecting individuals and families across the UK.