This week marks the start of the new tax year and we’re delivering around 35 tax, benefit, and pensions changes.
We said in our Manifesto that we’d increase the personal allowance (the amount you earn tax-free) to £12,500. We’re not just delivering on this promise, we’re doing it a year early.
Overall, including our increase to the higher rate threshold, this means a tax cut for 32 million people.
If you’re one of the 1.8 million people set to benefit from the increases in the National Living Wage, you’ll also get a pay rise this month – around £690 over the coming year for a full-time worker.
if you’re one of the 2.4 million families with children or people with disabilities who will claim Universal Credit, you’ll be up to £635 better off a year.