Budget Changes: What's in it for You?

Taxes

• Income Tax Bands: No increase with inflation until 2031. Pay raises may result in higher taxes.
• Scotland: Different tax rates apply.

Transportation

• Electric/Hybrid Cars: Road usage charge starting in 2028, based on miles driven.
• Fuel Duty: Frozen for five months, then gradual increases.
• Train Fares: No increase until March 2027.
• Bus Fares: £3 cap remains until March 2027.

Minimum Wage

• 21+: £12.71 per hour
• 18-20: £10.85 per hour
• 16-17: £8 per hour
• Apprentices: £8 per hour

Property Taxes

• Council Tax Surcharge: For properties worth £2 million+ in England, starting in 2028. Affects ~100,000 properties.

Savings and Investments

• Cash ISA: £12,000 annual limit for under 65s.
• Help to Save Scheme: Continues until 2028.

Family Support

• Two-Child Cap: Scrapped for universal credit and tax credits starting April 2024.

Pensions

• Salary Sacrifice Schemes: £2,000 annual cap starting in 2029.

Benefits and Pensions

• Increases: Most benefits and state pensions will rise.
• Prescription Charges and Motability Schemes: Changes implemented.