On Wednesday, the UK Treasury Secretary announced that the National Insurance payment limit would be raised to £ 12,570, that there would be a reduction in fuel tax and homeowners would pay 0% VAT on energy-saving materials such as solar panels. or heat pumps for the next five years. As part of his spring statement, Rishi Sunak also shared a new “tax plan” which he claims will “help families with the cost of living”, “create the conditions for higher growth” and “distribute growth income fairly” ». READ MORE: Martin Lewis gives urgent advice to millions who could be better £ 2,000 a year Money savvy expert Martin Lewis commented on the statement via social media, writing: “If this is all it does for energy – it is limited and will not affect the majority of households that will see a possible average increase of £ 1,300 in annual basis – year accounts until October. “My head has sunk.” One form of assistance provided to retirees is through retirement credit. The allowance provides extra money to low-income people to help with the bills. Pension credit increases the weekly income to 17 177.10 for singles and the common weekly income to 0 270.30 for couples in a process known as Guarantee Credit. Plaintiffs may be even more entitled if they have other responsibilities and costs to account for. Individuals who have saved money for their retirement may be entitled to an additional amount known as a Savings Credit – although they must have reached retirement age before April 6, 2016. Read more related articles Read more related articles It is estimated by experts that the pension credit is worth 000 3,000 per year on average and therefore could make a significant difference to retirees facing financial difficulties. Pension credit is also known as a “gateway” benefit, as applicants are entitled to a range of other support, such as free TV licenses if they are over 75, cold weather payments and NHS cost assistance. Independent Age’s Head of Policy and Influence Morgan Vine said: “The Chancellor’s statement will simply have raised concerns among many seniors as they prepare for a tough year ahead. As the cost of living crisis prevails, low-income seniors are desperately looking for immediate and effective action to help with the cost of living. The statement is far from being delivered and will not make any real difference for the elderly who already find it difficult to pay for essentials such as heating and food. Vine added: “The alarm should go off in the Treasury Department, but the chancellor does not seem to have the message. , 1 million seniors who are struggling now “. Read more related articles Read more related articles
