The Budget announcement brought significant changes, and here are the key dates for when these changes will take effect:
– Alcohol prices will increase as alcohol duty is set to rise by 3.66% starting February 2026.
– Rail fares in England will remain frozen until 2027, with regulated tickets having seen a 4.6% increase earlier this year.
– The two-child benefit cap under Universal Credit or Tax Credits will be removed from April 2026.
– The state pension will see a 4.8% increase from April 2026.
– DWP benefits will rise in line with previous September inflation rates, with Universal Credit allowances also increasing.
– Car tax will rise in line with inflation from April 2026.
– Energy bills are expected to decrease by £150 from April 2026.
– The minimum wage will increase by 4.1% to £12.71 per hour from April 2026.
– NHS prescription costs will remain frozen at £9.90 per item.
– The 5p fuel duty cut will end in September 2026.
– The annual cash ISA limit will be reduced to £12,000 for under-65s from April 2027.
– Tax rates on savings interest and property interest are set to increase from April 2027.
– Student loan repayment thresholds will be frozen from April 2027.
– Pensions will become subject to Inheritance Tax from April 2027.
– Homes valued over £2 million will face a new surcharge from April 2028.
– Electric vehicle drivers will be taxed per mile starting April 2028.
– The Help to Save scheme for Universal Credit recipients will be made permanent from 2028.
– The freeze on tax thresholds is now extended until April 2031.
Stay informed about these upcoming changes and their implications for your finances.