Money news: page 31
- April 2024
Administrative Earnings Threshold rises to £743 and £1,189 per month
The Administrative Earnings Threshold for Universal Credit rose to £743 a month for single people and £1,189 a month for couples in April 2024, with a further increase following in May.
Around 429,000 workers start repaying student loans this April
Around 429,000 workers begin repaying student loans from April 2024, with Plan 2 graduates facing a 7.8% interest cap and a £27,295 earnings threshold before deductions.
Attendance Allowance rates for April 2024 to March 2025
Attendance Allowance pays £72.65 a week at the lower rate and £108.55 a week at the higher rate from April 2024 to March 2025, for people over State Pension age who need help because of disability.
Basic rate income tax cut proposed from April 2024
The Chancellor announced a 1p cut in the basic rate of income tax to take effect from April 2024, alongside a £3,000 rise in the National Insurance threshold from July 2022.
Benefit rates to rise by 6.7% and State Pension and Pension Credit rates by 8.5%
Most benefit rates will rise by 6.7% and State Pension and Pension Credit rates by 8.5% from April 2024, subject to Parliamentary approval, the Government has confirmed.
Benefits uprated by 6.7% in April 2024
Benefits rose by 6.7 per cent in April 2024 under the annual uprating, but Council Tax, water and broadband prices also increased that month, according to a living standards study.
Canada Life research finds UK workers overpaid £5.8bn due to wrong tax codes
Canada Life research estimates UK workers overpaid £5.8bn to HMRC because they were on the wrong tax code, with almost a third of adults finding an error after checking.
Deadline for ending legacy benefits brought forward to March 2026
The deadline for moving remaining legacy benefit claimants to universal credit was brought forward to March 2026, with payments due to end by 31 March 2026.
DMCC Act 2024 comes into force
The Digital Markets, Competition and Consumers Act 2024, in force since April 2024, has revoked the EU derived 2015 ADR Regulations, opening the way for secondary legislation on consumer dispute resolution standards.
FCA confirms final rules in PS24/2 with just over 6 months implementation period
The Financial Conduct Authority has published final rules on protecting borrowers in financial difficulty, confirming they take effect on 4 November 2024 with just over six months for firms to prepare.
FCA to consult on value for money framework rules in spring 2024
The Financial Conduct Authority has signalled that detailed rules for a new value for money framework for defined contribution workplace pensions will be consulted on in spring 2024.
FOS award limits increase from 1 April 2024
The Financial Ombudsman Service award limits rose on 1 April 2024 to £430,000 for complaints about acts or omissions from 1 April 2019, and £195,000 for earlier ones.
Free childcare expansion to be rolled out in phases from April 2024
A £4bn expansion of free childcare, giving an extra 30 hours a week to parents of one and two year olds, will be rolled out in phases from April 2024, Toynbee Hall has said.
Frozen Income Tax and National Insurance thresholds to take effect
Freezing Income Tax and National Insurance thresholds rather than uprating them by 6.7 per cent will raise £8 billion and cost basic rate employees £270, the Resolution Foundation says.
Further 2p cut in employee National Insurance contributions takes effect
A further 2p cut in employee National Insurance contributions, announced in the March budget, took effect in April, giving basic rate taxpayers an extra £606 a year from the combined cuts.
Household Support Fund extended to September 2024
The Household Support Fund, which pays for local food and energy help, has been extended for six months to September 2024 with an extra £500 million split between councils across the UK.
Inflation-linked benefits uprated by 6.7% and State Pension by 8.5%
Inflation-linked Department for Work and Pensions benefits rose by 6.7% in April 2024, while the basic and new State Pension increased by 8.5% for 2024/25.
JROC publishes recommendations for next phase of open banking
The Joint Regulatory Oversight Committee has published recommendations on the design of a future open banking entity, covering structure, governance and funding, and proposals for a new interim body.
New law gives greater protection to pregnant women and new parents facing redundancy
The Protection from Redundancy (Pregnancy and Family Leave) Act 2023 gives pregnant employees and those recently returned from family leave priority status for suitable alternative roles from April 2024.
LHA re-pegged to 30th percentile of local rents after four-year freeze
Local Housing Allowance was re-pegged to the 30th percentile of local rents in April 2024, four years after a freeze, cutting the share of Universal Credit families whose housing costs were not fully covered.
Local Housing Allowance freeze to be lifted
Local Housing Allowance maximum amounts were raised to the 30th percentile of local market rents from April 2024, ending a freeze on rates that had been in place since 2020.
Local Housing Allowance unfrozen and raised to 30th percentile of rents
Local Housing Allowance has been unfrozen and raised to the 30th percentile of rents, the Autumn Statement confirmed, alongside benefit uprating of 6.7% and state pension uprating of 8.5% from April 2024.
Managed migration opens to Tax Credits claimants with Housing Benefit
Tax Credit claimants who also receive Housing Benefit began receiving Universal Credit migration notices from April 2024, the first group in a wider timetable that runs through to 2028/29.
Minimum wage equalised for 21- and 22-year-olds
From April 2024 the minimum wage for 21 and 22 year olds was raised to the same rate as older workers, ending a lower pay floor for that age group.
Minimum wage hourly pay to rise by 10 per cent in April
The Resolution Foundation says minimum wage hourly pay will rise by 10 per cent in April, as housing costs drive the squeeze on household finances.
National Living Wage age threshold lowered from 23 to 21
The age threshold for the National Living Wage was lowered from 23 to 21 in April 2024, the second reduction in three years, extending the adult minimum wage rate to younger workers.
Ofgem begins review of prepayment premium
Ofgem is reviewing how to remove the prepayment meter price premium permanently, with the work beginning in April 2024, after the temporary premium ban that started in July 2023.
Ofgem confirms new bad debt allowance funded by £28 a year on typical bills
Ofgem has confirmed a new allowance for bad debt in the domestic energy market, funded by temporarily adding £28 a year to the typical household bill from April 2024.
Online state pension top-up tool launched by HMRC and DWP
HMRC and the Department for Work and Pensions have launched an online tool letting people under state pension age check National Insurance gaps and pay voluntary contributions without phoning.
PAWHP to replace Winter Fuel Payment in Scotland from winter 2024/25
The Scottish Government is replacing the UK Winter Fuel Payment in Scotland with Pension Age Winter Heating Payment, administered by Social Security Scotland, with payments due from winter 2024/25.