In the wake of the Budget, it’s crucial to mark your calendars for the significant changes that are on the horizon. Here is a breakdown of key dates for various adjustments coming into effect:
– Alcohol prices are set to increase with a 3.66% rise in alcohol duty starting February 2026, following the Retail Price Index inflation.
– Rail fares in England will remain frozen until 2027, deferring the usual April increase.
– The two-child benefit cap under Universal Credit and Tax Credits will be lifted from April 2026.
– The state pension will see a 4.8% rise in April 2026, elevating the weekly amount to £241.30.
– Benefit payments, including Universal Credit allowances, will increase in April 2026 in line with inflation rates.
– Car tax will be adjusted according to the Retail Price Index from April 2026.
– Energy bills are anticipated to decrease by £150 in April 2026 due to the abolition of the Energy Company Obligation scheme.
– The minimum wage will go up by 4.1% to £12.71 per hour for workers aged 21 and over from April 2026.
– NHS prescription costs will remain unchanged at £9.90 per item, bypassing the usual April increment.
– The 5p per litre fuel duty reduction will be phased out by September 2026.
– The annual cash ISA limit for individuals under 65 will decrease to £12,000 from April 2027.
– Tax rates on savings interest and property interest will see an increase starting April 2027.
– The threshold for student loan repayments will be frozen from April 2027.
– Pensions will be subject to Inheritance Tax from April 2027.
– A mansion tax surcharge will be imposed on properties valued over £2 million from April 2028.
– Electric vehicle drivers will face new mileage taxes from April 2028.
– The Help to Save scheme for Universal Credit recipients will become a permanent fixture from 2028.
– The freeze on tax thresholds has been extended until April 2031, potentially impacting more taxpayers.
Stay informed and plan ahead for these forthcoming changes.
