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As we head into the new financial year there will be several changes to laws hat could hit you and your loved ones in the pocket.
Some of this will be in a positive way with increases to benefits and the living wage. Others will be negative such as increases in utility bills. Others are very controversial such as the amount of tax some people will have to pay.
The MEN reported a full breakdown of what changes and laws you can expect to come in for the rest of the year read below…
Read more:Eight claims about Brexit which have proved totally untrue
Help to Buy scheme comes to an end – March 31
The government loan scheme which aims to help first-time house buyer will soon come to an end. It was introduced as a way to tackle soaring house prices and interest rates which deterred many first-time buyers by providing some extra financial help.
Currently, there are no plans announced to extend or replace Help to Buy.
Energy payments end – March 31
The generous energy bill support scheme will officially come to an end as the winter period closes. Many households will have been getting money of their monthly energy bills thanks to the £400 scheme.
An alternative fund variant of the scheme will be available after March, but people will have to apply for it before they are considered and it will only be available to people on lower incomes. See more on that here.
Council Tax bill changes – April 1
Council tax rises across Wales are set to be significant this year. Many are over 5% and will see households in Band D homes hit with additional bills in excess of £100. See more details here.
Increase in wages – April 1
The National Living Wage and National Minimum wage will rise for all kinds of workers across the country. Depending on your age and work status, you will receive one of the following increases:
- National Living Wage – Increased to £10.42 (annual increase of 9.7 per cent)
- 21-22-year-old rate – Increased to £10.18 (annual increase of 10.9 per cent)
- 18-20-year-old rate – Increased to £7.49 (annual increase of 9.7 per cent)
- 16-17-year-old rate – Increased to £5.28 (annual increase of 9.7 per cent)
- Apprentice Rate – Increased to £5.28 (annual increase of 9.7 per cent)
- Accommodation Offset – Increased to £9.10 (annual increase of 4.6 per cent)
Water bills to rise – April 1
Households will see the largest increase to their water bills in almost 20 years from April. Industry body Water UK said the 7.5% increase would mean bills rise to an average £448 a year.
The rise means customers will pay around £1.23 per day on average – an increase of 8p per day or an average £31 more on last year’s charges.
Broadband and mobile phone bill changes – April 1
Millions of broadband and mobile phone customers can expect to face monthly bill increases of at least 14% from April. Providers link their annual price rises to January’s consumer price index (CPI) or the retail price index (RPI) which was 10.5% and 13.4%.
BT, EE, Plusnet and Vodafone broadband contracts allow prices to go up by CPI plus 3.9%. At TalkTalk, it is CPI plus 3.7%, while Shell Energy can add CPI plus 3%. Sky and Virgin Media contracts allow mid-contract price increases but they do not stipulate a pricing formula in the same way as rivals.
Maternity Pay, paternity pay, statutory pay changes – April 2
The Department for Work and Pensions (DWP) confirmed that it will increase pay rates for several statutory entitlements. Statutory maternity, paternity, adoption, shared parental, and parental bereavement pay will increase from £156.66 per week to £172.48 per week. Meanwhile, statutory sick pay will increase from £99.35 per week to £109.40 per week.
Income Tax changes – April 6
The 45% additional rate of income tax threshold is being cut from £150,000 to £125,140, which means more higher earners will pay higher tax. The personal allowance will remain frozen at £12,570, as will the 20% tax threshold from £12,571 to £50,270. The inheritance tax nil rate band remains at £325,000, and the residential nil rate band £175,000. Everything else from National Insurance to ISA rates also stays the same.
Benefits including Universal Credit, PIP and pension to increase – April 10
Inflation-linked benefits and tax credits will rise by 10.1% from April 2023, in line with the Consumer Prices Index (CPI) rate of inflation in September 2022. Jeremy Hunt said the ‘expensive commitment’ worth £11 billion means 10 million working-age families will see a much-needed increase next year and, on average, a family on universal credit will benefit next year by around £600.
The benefit cap will rise from £23,000 to £25,323 for families in Greater London and from £20,000 to £22,020 for families nationally. Lower caps for single households without children will rise from £15,410 to £16,967 in Greater London and from £13,400 to £14,753 nationally.
Benfits which will rise by 10.1% include Universal Credit, Housing Benefit, Pension Credit, Disability Allowance and Personal Independence Payment.
New voter ID laws – May 4
Under new laws, voters will need to show some form of voter ID in order to receive a ballot paper. The Elections Act 2022, which introduces photo identification for in-person voting in Great Britain for the first time and changes to postal voting, received royal assent in April last year. On May 4, local elections in England will take place marking the first election with the new rules.
Anyone without identification – passports, driving licences, identity cards and other specified documents – can apply for a free document, a ‘Voter Authority Certificate’ (VAC)
Applications for a new form of ID to be used at elections are already open. According to the government, voters have until 5pm on Tuesday, April 25 to apply for a certificate before the May elections.
Extra bank holiday – May 8
People across the UK will be treated to an extra bank holiday this year to commemorate and celebrate the coronation of King Charles III.
The government said the holiday will fall on Monday May 8 following the coronation at Westminster Abbey two days earlier on Saturday May 6. It will take place across the UK. Prime Minister Rishi Sunak said that – as was the case with the coronation of Queen Elizabeth in 1953 – it will be an opportunity for families and communities across the country to come together to celebrate.
Prime Minister Rishi Sunak said: “The coronation of a new monarch is a unique moment for our country. In recognition of this historic occasion, I am pleased to announce an additional bank holiday for the whole United Kingdom next year.
“I look forward to seeing people come together to celebrate and pay tribute to King Charles III by taking part in local and national events across the country in his honour.”
Changes to stamps – July 31
Classic stamps are being replaced by digital barcodes. Traditional stamps will no longer be accepted from July 31.
However, you can still use themed, commemorative and non-barcoded Christmas stamps beyond this date. Before this deadline, you need to either use your old stamps or swap them for free for barcoded versions.
Retained EU Law (Revocation and Reform) Bill – December 31
If the Retained EU Law Bill is brought into law, it means all retained laws stemming from our prior membership to the EU will be transferred and solidified in UK law by December 31. On the other hand, the laws could cease to be implemented in the UK entirely.
However, it’s important to note that the government has the power to extend the deadline to implement the laws to January 23, 2026.
Date TBA
The following could become law before the end of the yea:.
Employment Relations (Flexible Working) Bill
The government previously announced its support for the Employment Relations Bill which offers the following policies:
- Workers will have the right to request flexible working from their first day of employment
- Getting rid of the current 26-week qualifying period
- Employers must consult with employers before rejecting flexible working requests
- Employees would be able to make two flexible working requests per year
- Employers must respond within two months of a flexible working request
Protection from Redundancy (Pregnancy and Family Leave) Bill
The Protection from Redundancy Bill would strengthen the protection of women from redundancy during or after a pregnancy period. It is understood that this protection will be provided the moment an employee informs their employer of their pregnancy all the way up to six months after they have returned from a period of maternity leave.
Expanded protection may also be provided for those who return to work following a period of parental leave or adoption leave.
Carer’s Leave Bill
The Carer’s Leave Bill is currently making its way through the House of Lords as part of the revision process. According to the government, the Bill will provide millions of people across the UK providing unpaid care to family members or friends to be entitled to unpaid leave.
It will introduce a new and flexible entitlement of one week’s unpaid leave per year for employees who are providing or arranging care.
Neonatal Care (Leave and Pay) Bill
The Neonatal Care bill will make provisions about leave and pay for employees with responsibility for children receiving neonatal care.
The proposed law suggests provisions that includes up to 12 weeks’ leave and pay for both parents so they can spend more time with their babies if they are born premature or sick without being concerned about returning to work.
Data Protection and Digital Information Bill
Britain’s data protection is currently covered by GDPR. However, the government has proposed new data protection law which aims to expand protections and provisions for personal information data as part of a wider national data strategy.
The Worker Protection (Amendment of Equality Act 2010) Bill
The Worker Protection Bill includes a new requirement for employers to be more proactive and have a duty to prevent sexual harassment in regard to their employees. It will also make employers liable for harassment of their employees by third parties.
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