Will you be better or worse off with April’s new financial law changes

Will you be better or worse off with April’s new financial law changes

From April 1st a number of new rules and laws will come into effect which will affect the finances of families all over Swindon.

Many families will see their monthly income boosted by the changes – but there will also be others that see their pockets hit hard.

Today we focus on the changes which will see many better off, come back tomorrow to see which changes could wipe out any increases.

How you’ll be better off

  • April 1: National Living Wage for over 25s increases from £7.20 to £7.50 an hour
  • April 1: Pre-payment meter cap comes in – OFGEM estimates this will save four million people £80 off energy bills
  • April 6: Personal Tax Allowance increases to £11,500 and the 40% income tax rate now starts on earnings from £45,000 upwards.
  • April 6: State Pension rises 2.5%. People on the new flat rate pension will get £159.55 a week, up from £155.65. Those on the older system will see incomes rise from £119.30 to £122.30.
  • April 6: ISA Allowance increases from £15,240 to £20,000
  • April 10: Universal Credit taper is cut from 65% to 63% – people will get to keep an extra 2p in every pound they earn.

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