This article provides an overview of the changes to tax and benefits that will take effect in 2027, including:
1. Increase in state pension payments for eligible individuals.
2. Freeze on personal allowance until 2029-2030.
3. Reduction in amount that can be saved in a cash ISA from £20,000 to £12,000 per year for under-65s.
4. Introduction of the "mansion tax" (a high value council tax surcharge) for those with homes worth over £1 million.
5. Increase in road charge for electric and hybrid car drivers starting from April 2028.
6. Maintenance of the 5p fuel duty cut until September 2026.
The article also highlights some of the impact these changes will have on different groups, including:
* Affluent pensioners who will face higher income tax bills due to the increase in state pension payments.
* Drivers of electric and hybrid cars who will be subject to a new road charge starting from April 2028.
* Those living in London who may be affected by the "mansion tax".
* Low-income individuals who will see their purchasing power reduced due to the freeze on personal allowance.
Overall, the article aims to provide an overview of the changes and their potential impact on different groups.
1. Increase in state pension payments for eligible individuals.
2. Freeze on personal allowance until 2029-2030.
3. Reduction in amount that can be saved in a cash ISA from £20,000 to £12,000 per year for under-65s.
4. Introduction of the "mansion tax" (a high value council tax surcharge) for those with homes worth over £1 million.
5. Increase in road charge for electric and hybrid car drivers starting from April 2028.
6. Maintenance of the 5p fuel duty cut until September 2026.
The article also highlights some of the impact these changes will have on different groups, including:
* Affluent pensioners who will face higher income tax bills due to the increase in state pension payments.
* Drivers of electric and hybrid cars who will be subject to a new road charge starting from April 2028.
* Those living in London who may be affected by the "mansion tax".
* Low-income individuals who will see their purchasing power reduced due to the freeze on personal allowance.
Overall, the article aims to provide an overview of the changes and their potential impact on different groups.