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Money & Advice What financial changes does April bring to you?

Post -Spring Budget, it is important to remember there are many changes that are being applied from this April or the following months, that may affect you and your family's finances.

So here is a reminder of the changes that are coming:

INCOME TAX - Your personal allowance (currently £11,000) will go up to £11,500. The government has promised this will rise to £12,500 by 2020-21. The threshold for higher rate tax will go up from £43,000 to £45,000 in England.

WORKING AGE BENEFITS FREEZE - Many working-age benefits remaining unchanged for a second year, as part of a four-year freeze. These include Jobseeker's Allowance, Employment and Support Allowance, some types of Housing Benefit, and Child Benefit. However, state pensions, Maternity Pay and some disability benefits are excluded.

CHILD TAX CREDIT - If a family has a third or subsequent child born after April, they will not qualify for Child Tax Credit.. This will also apply to families claiming Universal Credit for the first time after April. Also the family element of child tax credits, worth £545 per year, will be abolished.

NATIONAL LIVING WAGE - This will rise from £7.20 to £7.50 in April, for those aged 25 and over.

VEHICLES - Fuel duty will be frozen for a seventh year, but the cost of vehicle insurance may rise owing to an increase in the Insurance Premium Tax from 10% to 12% in June. New Vehicle Excise Duty (VED) bands are to be introduced for cars registered from April - zero, standard and premium.





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