In the wake of the Budget announcement, The Mirror has compiled a list of significant dates marking the implementation of key changes. Here are some highlights:
– Alcohol prices are set to increase, with alcohol duty rising by 3.66% starting February 2026, following the Retail Price Index (RPI) inflation. This adjustment will translate to an additional 11p on Prosecco, 13p on red wine, and 38p on gin per bottle.
– Rail fares in England will remain frozen until 2027, with no increase expected in the upcoming year.
– The two-child benefit cap under Universal Credit or Tax Credits will be removed from April 2026, allowing families to claim support for their third child and beyond.
– The state pension is due to rise by 4.8% from April 2026, with the full new state pension increasing to £241.30 per week.
– DWP benefits, including Universal Credit standard allowance, will see an increase in April 2026.
– Car tax will also escalate in line with RPI inflation from April 2026.
– Energy bills are expected to decrease by £150 on average from April 2026, thanks to the elimination of the Energy Company Obligation scheme.
– The minimum wage is set to rise by 4.1% to £12.71 per hour for workers aged 21 and above starting April 2026.
– NHS prescription costs will be maintained at £9.90 per item, with no increase planned for the following year.
– The fuel duty cut of 5p per litre will be reversed gradually after September 2026.
– The annual cash ISA limit for individuals under 65 will be reduced to £12,000 from April 2027.
– Tax rates on savings interest and property interest will increase from April 2027 for various taxpayer brackets.
– The threshold for student loan repayments will be frozen from April 2027.
– Pensions will be subject to Inheritance Tax from April 2027.
– A new surcharge on homes valued over £2 million will be implemented from April 2028.
– Electric vehicle drivers will face new mileage taxes from April 2028.
– The Help to Save scheme will become permanent from 2028, benefiting those on Universal Credit.
– The freeze on tax thresholds is extended until April 2031, potentially affecting taxpayers as their income rises.
These changes reflect the evolving landscape of financial policies and regulations impacting various sectors.