06. March 2024

What does the Budget mean for you?

Jeremy Hunt announced a cut in the rate of National Insurance (NI) paid by 27 million employees across the UK. For employees paid between £12,571 to £50,270 a year, the current NI rate is 10% on earnings (down from 12% before January) The chancellor said this would fall to 8% in April. Higher earners will take home an additional £754 a year, according to calculations by investment companies. Class 4 NI contributions on all earnings between £12,570 and £50,270 were already due to be cut from 9% to 8% in April.

Mr Hunt said that would now go down to 6%. The UK’s official forecaster, the Office for Budget Responsibility, has estimated as a result of the policy, 3. 7 million more people will be paying income tax. Outside of Scotland (where it is frozen until 2025), they will raise council tax in England.

The point at which child benefit is withdrawn will now be at a higher level of earnings. The benefit is worth £24 a week for one child and £15. 90 for each additional child. Those with social care duties can raise council tax by up to 4.

99%, without triggering a referendum. The government estimates 485,000 families will gain an average of £1,260 in child benefit in 2024-25 as a result. 170,000 will avoid having to pay any back. The plan is to move it to a system of household income, not that of individuals.

The £90 fee for debt relief orders will be abolished. The repayment period for people on universal credit to pay back budgeting loans has risen from 12 to 24 months. Fuel duty is a tax motorists pay when buying fuels such as petrol and diesel. It has been frozen since 2011, and this will continue.

Savers will be allowed to save £5,000 a year into the British Isa. National Savings and Investments will offer British Savings Bonds. The interest rate is yet to be set. The higher rate of property capital gains tax will fall from 28% to 24%.

That will benefit some people who sell a property which is not their home. The state pension, as previously announced, will go up by 8. 5% in April. The National Living Wage for over-23s - paid by employers - will rise from £10.

42 an hour to £11. 44 an hour. Universal credit will rise by 6. 7%, in line with the rate of rising prices.

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