The recent Budget announcement brought forth a plethora of significant changes set to take effect over the coming years. Here is a breakdown of key dates for various adjustments:
– Alcohol prices are set to increase, with alcohol duty rising by 3.66% starting February 2026, reflecting Retail Price Index (RPI) inflation.
– Rail fares in England, which usually rise annually in April, will be frozen until 2027.
– The two-child benefit cap under Universal Credit or Tax Credits will be eliminated from April 2026.
– State pension will see a 4.8% increase from April 2026, with the full new state pension rising to £241.30 per week.
– DWP benefits, including Universal Credit standard allowance, will rise in line with the previous September rate of inflation.
– Car tax will increase in line with RPI inflation from April 2026, affecting most cars registered post-April 1, 2017.
– Energy bills are expected to decrease by £150 from April 2026, thanks to the discontinuation of the Energy Company Obligation scheme.
– The minimum wage for workers aged 21 and over will rise to £12.71 per hour from April 2026.
– NHS prescription costs will remain at £9.90 per item, as confirmed by the Chancellor.
– The 5p per litre cut in fuel duty will only be in place until September 2026.
– The annual cash ISA limit will decrease to £12,000 for under-65s starting April 2027.
– The tax rates on savings interest and property interest will both increase from April 2027 for different taxpayer brackets.
– Student loan repayment thresholds will be frozen starting April 2027.
– Pensions will be subject to Inheritance Tax from April 2027.
– A new surcharge will be imposed on homes worth over £2 million starting April 2028.
– Electric vehicle drivers will face a new per-mile tax from April 2028 based on their vehicle type.
– The Help to Save scheme for Universal Credit recipients will become a permanent fixture from 2028.
– The freeze on tax thresholds will end in April 2031, potentially affecting more workers with increased wages.
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