Updates · 2024 – 2026
UK Financial News & Updates
Tax, Bank Rate, mortgage, pension, benefit and energy-bill changes affecting UK residents — each summarised from the announcement by the government agency, regulator or company that made it, and linked to the original.
All updates
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Energy Price Cap Rises 4% to GBP 1,723 from 1 Oct 2026
Ofgem announced a 4% rise in the energy price cap for 1 Oct to 31 Dec 2026: on the typical consumption values updated in July, a dual-fuel Direct Debit household's bill rises by GBP 60 a year (GBP 5 a month), from GBP 1,663 to GBP 1,723. The cap reflects the government's removal of VAT from domestic electricity bills.
What changed (effective 1 Oct 2026)
- Typical dual-fuel bill (Direct Debit): GBP 1,723 a year (from GBP 1,663)
- Change: Up 4%, GBP 60 a year (GBP 5 a month)
- Cap period: 1 Oct to 31 Dec 2026
- On the old 2023 consumption values: GBP 1,935 a year (from GBP 1,862), for reference
- Gas bills: Up 8%; households that do not use gas see a rise of less than 1%
- VAT on domestic electricity: Removal reflected in the cap; without it the figure would have been around GBP 45 higher
Student Loan Interest from 1 Sep 2026: RPI 4.1%, with Plan 2 and Plan 3 Capped at 6%
The Student Loans Company announced interest rates for 1 Sep 2026 to 31 Aug 2027 based on an applicable RPI of 4.1%: Plan 1 loans are charged a maximum of 4.1% and Plan 5 loans 4.1%, while Plan 2 and Plan 3 loans, which would otherwise reach RPI plus 3% (7.1%), are capped at 6%. The Plan 1 repayment threshold rises to GBP 28,005 from 6 Apr 2027.
What changed (effective 1 Sep 2026)
- Applicable RPI: 4.1%, 1 Sep 2026 to 31 Aug 2027
- Plan 1: 4.1% maximum (lower of RPI and Bank Base Rate + 1%, currently 4.75%)
- Plan 2: RPI (4.1%) up to RPI + 3% (7.1%) depending on circumstances, capped at 6%
- Plan 3 (postgraduate): RPI + 3% (7.1%), capped at 6%
- Plan 5: 4.1% (RPI)
- Plan 1 repayment threshold: GBP 28,005 from 6 Apr 2027 to 5 Apr 2028
VAT on Household Electricity Bills Cut from 5% to 0% from 1 Oct 2026
The Prime Minister's Office announced that VAT on domestic electricity bills will be removed from 1 Oct 2026, a cut from 5% to 0% expected to take around GBP 45 off the yearly Ofgem price cap in Oct 2026, on top of the GBP 150 removed from bills at the last Budget. The measure applies and is funded for this financial year, at an estimated cost of around GBP 850 million in 2026–27.
What changed (effective 1 Oct 2026)
- VAT on domestic electricity bills: 0% (from 5%) from 1 Oct 2026
- Estimated effect on the Ofgem price cap: around GBP 45 off the yearly cap in Oct 2026
- Suppliers: expected to pass the reduction on to all customers, including those on fixed tariffs
- Also covered: small businesses that qualify for the domestic energy VAT relief and are not VAT-registered; charities and residential care homes eligible for the reduced rate
- Northern Ireland: EU VAT rates apply to electricity there; the NI Executive is to receive comparable funding for NI households
- Estimated cost and funding: around GBP 850 million in 2026–27, funded from the cancelled Digital ID programme
Parts of FCA Motor Finance Compensation Scheme Suspended Pending Legal Challenge
The Financial Conduct Authority (FCA) said the Upper Tribunal has made an order suspending parts of its motor finance compensation scheme and will hear the legal challenges on 14 to 18 Dec 2026 or 16 to 26 Feb 2027. Until the legal process concludes, lenders do not need to calculate or pay compensation; if the scheme is upheld and not appealed, the FCA expects payments to begin in 2027.
What changed
- Upper Tribunal hearing: 14 to 18 Dec 2026 or 16 to 26 Feb 2027
- Compensation calculation and payment: not required until the legal process concludes
- Not owed compensation, agreements from 1 Apr 2014: lender to tell complainants by 18 Nov 2026, for complaints made by 30 Jun 2026 (limited exceptions)
- Not owed compensation, agreements before 1 Apr 2014: lender to tell complainants by 18 Jan 2027, for complaints made by 31 Aug 2026 (limited exceptions)
- Payments if the scheme is upheld: FCA expects them to begin in 2027, if the judgment is not appealed
Energy Price Cap Rises 13% from 1 Jul 2026 as Ofgem Updates Typical Consumption Values
Ofgem announced a 13% rise in the energy price cap for 1 Jul to 30 Sep 2026. On its existing typical consumption values the typical household bill from July is GBP 1,862 a year (up from GBP 1,641); from 1 Jul 2026 the figures use updated values reflecting lower energy use, giving a cap level of GBP 1,663 a year.
What changed (effective 1 Jul 2026)
- Typical bill, existing consumption values: GBP 1,862 a year (from GBP 1,641)
- Cap level, updated consumption values: GBP 1,663 a year from 1 Jul 2026
- Change: Up 13%; GBP 18 a month for the average dual-fuel household
- Cap period: 1 Jul to 30 Sep 2026
- Gas and electricity: Gas bills up 24%; electricity bills up around 5%
- Updated typical consumption: Around 7% less electricity and 17% less gas than the last review
VAT Cut from 20% to 5% on Children's Meals, Family Tickets and Attractions, 25 Jun to 1 Sep 2026
HM Treasury announced the Great British Summer Savings scheme: from 25 Jun to 1 Sep 2026, VAT on eligible activities will be cut from 20% to 5% across England, Wales, Scotland and Northern Ireland, covering children's menu meals in restaurants, children's and family tickets for cinemas, theatres, concerts, shows and exhibitions, and admission tickets to attractions such as amusement parks, museums and zoos.
What changed (effective 25 Jun 2026)
- VAT on eligible activities, 25 Jun to 1 Sep 2026: 5% (from 20%)
- Children's meals: children's menu meals served in restaurants for consumption on the premises
- Tickets: children's and family tickets for cinemas, theatres, concerts, shows and exhibitions
- Attractions: admission tickets for children and adults, such as amusement parks, fairs, museums, zoos, soft play centres and adventure parks
- Not in scope: activities where no VAT is charged, such as admission to not-for-profit museums, zoos or theatres under the cultural exemption
- Repeat-entry tickets: season tickets usable outside 25 Jun to 1 Sep 2026 qualify only if priced the same as a standard single-entry ticket
Fuel Duty 5p Cut Extended to the End of 2026; Red Diesel Duty Cut by Over a Third
HM Treasury announced on 20 May 2026 that the temporary 5p cut on fuel duty will be extended for the rest of 2026, and that farmers, rail freight and other red diesel users will see their fuel duty cut by over a third until the end of the year.
What changed
- Temporary 5p fuel duty cut: extended to the end of 2026
- Red diesel (farmers, rail freight and other users): fuel duty cut by over a third until the end of 2026
- Average driver saving from the cut: GBP 120 since 2025, by the end of 2026
Plan 2 and Plan 3 Student Loan Interest Capped at 6% from 1 Sep 2026
The Department for Education announced that interest on Plan 2 and Plan 3 student loans in England and Wales is capped at 6% from 1 Sep 2026 for the 2026–27 academic year, instead of up to RPI plus 3%. Plan 2 graduates pay between RPI and RPI plus 3% depending on earnings, and students on Plan 2 and Plan 3 pay RPI plus 3% while studying.
What changed (effective 1 Sep 2026)
- Maximum interest, Plan 2 and Plan 3: 6% (instead of up to RPI + 3%)
- Applies: 2026–27 academic year, from 1 Sep 2026
- Plan 2 repayment threshold: raised again to GBP 29,385 (from GBP 28,470 in Apr 2025)
State Pension and Pension Credit Rise 4.8% for 2026–27; Universal Credit Standard Rate Up 6.2%
DWP announced that the full new State Pension rises by 4.8% for 2026–27, in line with average earnings, from GBP 230.25 to GBP 241.30 a week, and the Pension Credit Standard Minimum Guarantee also rises by 4.8%. The Universal Credit standard rate rises by 6.2%, and most other working-age benefits and benefits for people below State Pension age rise by 3.8%.
What changed (effective 2026–27)
- Full new State Pension: GBP 241.30 a week (from GBP 230.25), up 4.8%
- Full basic State Pension: GBP 184.90 a week (from GBP 176.45)
- Pension Credit Standard Minimum Guarantee: GBP 238.00 a week single, GBP 363.25 a week couple (up 4.8%)
- Universal Credit standard rate: up 6.2% (September CPI plus 2.3%)
- Most working-age benefits: up 3.8%, including Statutory Sick Pay and Statutory Maternity Pay
- Universal Credit health element, new claimants: GBP 217.26 a month (compared with the higher rate of GBP 429.80)
Child Benefit Rises to GBP 27.05 a Week for the Eldest or Only Child from 6 Apr 2026
HMRC announced that from 6 Apr 2026 Child Benefit is GBP 27.05 a week (GBP 1,406.60 a year) for the eldest or only child and GBP 17.90 a week (GBP 930.80 a year) for each additional child, annual increases of GBP 52 and GBP 33.80. Because of the bank holiday, payments scheduled for 6 Apr 2026 are paid on 2 Apr 2026.
What changed (effective 6 Apr 2026)
- Eldest or only child: GBP 27.05 a week, GBP 1,406.60 a year (up GBP 52 a year)
- Each additional child: GBP 17.90 a week, GBP 930.80 a year (up GBP 33.80 a year)
- Payments scheduled for 6 Apr 2026: paid on 2 Apr 2026 because of the bank holiday
FCA Confirms Motor Finance Compensation Scheme for 12.1 Million Agreements
The Financial Conduct Authority (FCA) confirmed a compensation scheme for motor finance loans taken out between 6 Apr 2007 and 1 Nov 2024 where firms failed to disclose important information, covering 12.1 million agreements at an average of around GBP 830 each. A 2 Jul 2026 update says the Upper Tribunal has suspended parts of the scheme and lenders need not pay compensation until the legal process concludes.
What changed
- Eligible agreements: 12.1 million, taken out between 6 Apr 2007 and 1 Nov 2024
- Average payout: around GBP 830 per agreement
- Estimated total redress: GBP 7.5 billion, if 75% of eligible consumers claim
- Interest on compensation: annual average Bank of England base rate plus 1%, minimum 3% a year
- Claim deadline for people not contacted: 31 Aug 2027
- Status at 2 Jul 2026: parts suspended by the Upper Tribunal until the legal process concludes
Two-Child Limit in Universal Credit Removed from 6 Apr 2026 as the Bill Becomes Law
DWP announced that the Universal Credit (Removal of Two Child Limit) Act received Royal Assent on 18 Mar 2026. The restriction in Universal Credit and Child Tax Credit that limited support to a family's first two children is removed from 6 Apr 2026, and families already claiming Universal Credit see the change applied automatically.
What changed (effective 6 Apr 2026)
- Two-child limit: removed from Universal Credit and Child Tax Credit
- Takes effect: 6 Apr 2026, applied automatically for families already claiming Universal Credit
- Royal Assent: 18 Mar 2026
Energy Price Cap Falls 7% to GBP 1,641 from 1 Apr 2026
Ofgem announced a 7% (GBP 117) fall in the energy price cap for 1 Apr to 30 Jun 2026, around GBP 10 a month for the average dual-fuel household, to GBP 1,641 a year for an average dual-fuel Direct Debit household. Ofgem names the government's Budget interventions on policy costs, which take GBP 150 in policy costs off energy bills, as the main cause.
What changed (effective 1 Apr 2026)
- Typical dual-fuel bill (Direct Debit): GBP 1,641 a year
- Change: Down 7% (GBP 117), around GBP 10 a month
- Cap period: 1 Apr to 30 Jun 2026
- Main cause: Government Budget interventions on policy costs, taking GBP 150 in policy costs off energy bills
- Standing charges: Down an average of GBP 13 (4 pence a day) for dual fuel as Warm Home Discount costs move to the unit rate
- Network costs: Up GBP 66 (GBP 6 a month)
Scotland's 2026–27 Budget Approved, Including a Scottish Child Payment Increase
The Scottish Government said Parliament has approved the 2026–27 Scottish Budget, which includes an increase in the Scottish Child Payment and, from 2027–28, a premium payment of GBP 40 a week for eligible children under 12 months. The spending plans also continue free prescriptions, free eye examinations and the removal of peak ScotRail fares, and freeze remaining ScotRail fares.
What changed
- Scottish Child Payment: increase included in the approved Budget
- Premium for eligible children under 12 months: GBP 40 a week from 2027–28
- ScotRail fares: peak fares removed; remaining fares frozen
- Also in the spending plans: free prescriptions, free eye examinations, free bus travel for under-22s and over-60s
FCA Confirms Buy Now Pay Later Regulation from 15 Jul 2026
The Financial Conduct Authority (FCA) confirmed that Buy Now Pay Later (BNPL) borrowers will have new protections from 15 Jul 2026, following the Government's decision to bring the sector under FCA regulation. Lenders must be FCA-authorised and carry out affordability checks, BNPL will be subject to the Consumer Duty, and borrowers will be able to complain to the Financial Ombudsman Service.
What changed (effective 15 Jul 2026)
- Affordability checks: required before a lender offers BNPL
- Upfront information: payment dates, amounts and what happens after a missed payment
- Financial difficulty: lenders to offer support and, where appropriate, direct customers to free debt advice
- Complaints: can be taken to the Financial Ombudsman Service
- Lender authorisation: FCA authorisation required; temporary permissions registration 15 May 2026 to 1 Jul 2026
- Merchant own credit: remains exempt from regulation
Scotland's Draft Budget 2026–27 Proposes Scottish Child Payment Rise to GBP 28.20 a Week
The Scottish Government's draft 2026–27 Scottish Budget includes funding to increase Scottish Child Payment to GBP 28.20 a week and investment to allow a premium payment of GBP 40 a week for eligible children under 12 months from 2027–28. It also plans two new council tax bands in Scotland by Apr 2028 for properties worth more than GBP 1 million.
What changed
- Scottish Child Payment (proposed): funding to increase it to GBP 28.20 a week
- Premium for eligible children under 12 months (planned): GBP 40 a week from 2027–28
- Council tax (planned): two new bands by Apr 2028 for properties worth more than GBP 1 million, on an up-to-date valuation
Scotland Proposes 7.4% Rise in Basic and Intermediate Income Tax Thresholds for 2026–27
Scottish Government Finance Secretary Shona Robison announced income tax proposals for 2026–27: if the Budget is passed, the Basic and Intermediate rate thresholds will increase by 7.4% to GBP 16,537 and GBP 29,526, and the Higher, Advanced and Top rate thresholds will remain at GBP 43,662, GBP 75,000 and GBP 125,140. No changes to rates or the number of bands are planned.
What changed (effective 2026–27)
- Basic rate threshold (proposed): GBP 16,537 (up 7.4%)
- Intermediate rate threshold (proposed): GBP 29,526 (up 7.4%)
- Higher, Advanced and Top rate thresholds (proposed): remain at GBP 43,662, GBP 75,000 and GBP 125,140
- Income tax rates and number of bands: no changes planned for 2026–27
- Approval: the Scottish Parliament must pass a Scottish Rate Resolution each year to set the rates and bands
Nationwide Lowers Some Savings Rates by up to 0.25 Percentage Points From 10 Feb 2026
Nationwide said it will lower some rates on specific savings products by between 0.10 and 0.25 percentage points from 10 Feb 2026, in response to the Bank of England’s 0.25 percentage point Bank Rate cut on 18 Dec 2025. Flex Regular Saver, FlexOne Saver, Start to Save, Smart Instant Access, SmartSaver and Smart Limited Access are unchanged.
What changed (effective 10 Feb 2026)
- Rate reductions: 0.10 to 0.25 percentage points from 10 Feb 2026
- 1 Year Triple Access Online Saver / ISA: 3.30% (from 3.50%)
- Reward Saver / Reward ISA: 2.75% (from 3.00%)
- Single Access ISA / Single Access Saver: 2.80% (from 3.05%)
- Flex Instant Saver (Issues 2 to 6): 2.30% (from 2.50%)
- Smart Junior ISA / Child Trust Fund: 2.80% (from 3.05%)
Company announcement — figures are from Nationwide Building Society’s own release, not an official government source.
Agricultural and Business Property Relief 100% Threshold Raised to GBP 2.5 Million from 6 Apr 2026
HM Treasury and Defra announced that the threshold at which 100% Agricultural Property Relief and Business Property Relief applies will be GBP 2.5 million per estate instead of GBP 1 million when the reform is introduced on 6 Apr 2026, with 50% relief above that level. The allowance is transferable between spouses and civil partners.
What changed (effective 6 Apr 2026)
- 100% Agricultural and Business Property Relief threshold: GBP 2.5 million per estate (from the GBP 1 million announced at Budget 2024)
- Qualifying assets above the threshold: 50% relief
- Spouses and civil partners: allowance transferable; up to GBP 5 million of qualifying assets between them, on top of existing nil-rate bands
- Legislation: amendment to the Finance Bill, applying from 6 Apr 2026
Bank of England Cuts Bank Rate to 3.75%
The Bank of England's Monetary Policy Committee (MPC) voted by a majority of 5–4 to reduce Bank Rate by 0.25 percentage points to 3.75%, announced on 18 Dec 2025, with four members voting to maintain it at 4%. The MPC said Bank Rate has been reduced by 150 basis points since Aug 2024.
What changed
- Bank Rate: 3.75% (from 4%)
- MPC vote: 5–4 to cut by 0.25 percentage points; 4 members voted to hold at 4%
Nationwide Cuts Standard Mortgage Rate to 6.49% From 1 Jan 2026
Nationwide said that, following the 0.25 percentage point cut in Bank Rate on 18 Dec 2025, its Standard Mortgage Rate (SMR) will decrease by 0.25 percentage points to 6.49% from 1 Jan 2026. Rates on tracker mortgages held by existing Nationwide customers will also decrease to reflect the Bank Rate change from 1 Jan 2026.
What changed (effective 1 Jan 2026)
- Nationwide Standard Mortgage Rate (SMR): 6.49% from 1 Jan 2026 (down 0.25 percentage points)
- Tracker mortgages (existing customers): decrease in line with the Bank Rate change from 1 Jan 2026
Company announcement — figures are from Nationwide Building Society’s own release, not an official government source.
Cash ISA Limit to Be GBP 12,000 from 6 Apr 2027; Savers Aged 65 and Over Keep GBP 20,000
HM Treasury announced in Budget 2025 that from 6 Apr 2027 the annual cash ISA limit will be GBP 12,000 within the overall annual ISA limit of GBP 20,000, while savers aged 65 and over can continue to save up to GBP 20,000 a year in a cash ISA. Annual limits stay at GBP 20,000 for ISAs, GBP 4,000 for Lifetime ISAs and GBP 9,000 for Junior ISAs and Child Trust Funds until 5 Apr 2031.
What changed (effective 6 Apr 2027)
- Annual cash ISA limit: GBP 12,000 from 6 Apr 2027, within the GBP 20,000 overall limit
- Cash ISA, savers aged 65 and over: up to GBP 20,000 a year
- Overall annual ISA limit: GBP 20,000 until 5 Apr 2031
- Lifetime ISA annual limit: GBP 4,000 until 5 Apr 2031
- Junior ISA and Child Trust Fund annual limit: GBP 9,000 until 5 Apr 2031
- Starting Rate for Savings: retained at GBP 5,000 until 5 Apr 2031
Dividend Tax to Rise to 10.75% and 35.75% from Apr 2026; Savings and Property Rates Up from Apr 2027
HM Treasury set out higher income tax rates on dividend, savings and property income: the dividend ordinary and upper rates will rise by 2 percentage points to 10.75% and 35.75% from Apr 2026, savings income rates will rise by 2 percentage points in every band from Apr 2027, and separate property income rates of 22%, 42% and 47% will apply in England, Wales and Northern Ireland from Apr 2027.
What changed
- Dividend ordinary rate, from Apr 2026: 10.75% (from 8.75%)
- Dividend upper rate, from Apr 2026: 35.75% (from 33.75%)
- Dividend additional rate: unchanged at 39.35%
- Savings income rates, from Apr 2027: basic 22% (from 20%), higher 42% (from 40%), additional 47% (from 45%)
- Property income rates, from Apr 2027 (outside Scotland): property basic 22%, property higher 42%, property additional 47%; finance cost relief at the property basic rate (22%)
- Personal Allowance ordering, from Apr 2027: deducted against employment, trading or pension income first
Budget 2025: GBP 150 Off the Average Household Energy Bill from Apr 2026
HM Treasury announced in Budget 2025 that GBP 150 will be taken off the average household energy bill from Apr 2026, with poorer households saving up to GBP 300 when this is combined with the Warm Home Discount.
What changed (effective Apr 2026)
- Average household energy bill: GBP 150 lower from Apr 2026
- Poorer households, with the Warm Home Discount: save up to GBP 300
Fuel Duty 5p Cut Extended to 31 Aug 2026, Then Reversed in Three Stages by 1 Mar 2027
HM Treasury announced in Budget 2025 that the temporary 5p fuel duty cut will be extended to 31 Aug 2026 and then reversed in three stages, 1p on 1 Sep 2026, 2p on 1 Dec 2026 and 2p on 1 Mar 2027, returning rates to pre-March 2022 levels. The planned inflation increase for 2026–27 will not take place, with fuel duty uprated by RPI from Apr 2027.
What changed
- Temporary 5p fuel duty cut: extended to 31 Aug 2026
- Main rates from 1 Sep 2026: up 1p
- From 1 Dec 2026: up 2p
- From 1 Mar 2027: up 2p, returning rates to pre-March 2022 levels
- Planned inflation increase for 2026–27: will not take place
- From Apr 2027: fuel duty rates uprated by the Retail Prices Index (RPI)
Help to Save to Be Made Permanent, with Wider Eligibility from Apr 2028
HM Treasury announced in Budget 2025 that the government will make the Help to Save scheme permanent and, from Apr 2028, expand eligibility to include all Universal Credit claimants who receive the child element, the caring element or both.
What changed (effective Apr 2028)
- Help to Save scheme: to be made permanent
- Eligibility from Apr 2028: all Universal Credit claimants who receive the child element, the caring element or both
Planned High Value Council Tax Surcharge on England Homes Worth GBP 2 Million or More from Apr 2028
HM Treasury set out plans for a High Value Council Tax Surcharge (HVCTS), taking effect in Apr 2028, on owners of residential property in England worth GBP 2 million or more in 2026, payable alongside existing council tax. Charges start at GBP 2,500 and reach GBP 7,500 for properties above GBP 5 million, with a public consultation on the details to be held in early 2026.
What changed (effective Apr 2028)
- Who pays: owners (not occupiers) of residential property in England worth GBP 2 million or more in 2026; social housing not in scope
- GBP 2 million to GBP 2.5 million: GBP 2,500
- GBP 2.5 million to GBP 3.5 million: GBP 3,500
- GBP 3.5 million to GBP 5 million: GBP 5,000
- Above GBP 5 million: GBP 7,500
- Uprating and revaluation: charges rise with CPI inflation each year from 2029–30; revaluations every five years
Inheritance Tax Nil-Rate Bands Fixed at GBP 325,000 and GBP 175,000 for a Further Year to 2030–31
HMRC set out the Budget 2025 measure that fixes the Inheritance Tax thresholds at their current levels for one further tax year, 2030–31: the nil-rate band at GBP 325,000 and the residence nil-rate band at GBP 175,000, with the residence nil-rate band taper starting at GBP 2 million. The previous legislation fixed them up to and including 2029–30.
What changed (effective 6 Apr 2030)
- Nil-rate band: GBP 325,000, fixed for 2030–31 (previously fixed up to and including 2029–30)
- Residence nil-rate band: GBP 175,000, fixed for 2030–31
- Residence nil-rate band taper: starts at GBP 2 million, fixed for 2030–31
- Legislative default it replaces: increases in line with CPI each year from 2030
- Applies to: deaths, lifetime gifts and relevant property trust charges on or after 6 Apr 2030
Personal Allowance GBP 12,570 and Basic Rate Limit GBP 37,700 to Be Maintained to 5 Apr 2031
HMRC set out the Budget 2025 measure maintaining the income tax Personal Allowance at GBP 12,570 and the basic rate limit at GBP 37,700 from 6 Apr 2028 to 5 Apr 2031, instead of the legislative default of increases in line with CPI, so the higher rate threshold will stay at GBP 50,270. Legislation is to be introduced in Finance Bill 2025–26.
What changed (effective 6 Apr 2028)
- Personal Allowance, 6 Apr 2028 to 5 Apr 2031: GBP 12,570 (maintained; the legislative default was a CPI increase from 6 Apr 2028)
- Basic rate limit, same period: GBP 37,700 (maintained)
- Higher rate threshold: GBP 50,270 until 5 Apr 2031
- Scottish taxpayers: Personal Allowance applies UK-wide; the Scottish Parliament sets their rates and limits, and the basic rate limit covers their savings and dividend income
- NICs thresholds, same period: Upper Earnings and Upper Profits Limits stay aligned at GBP 50,270; Primary Threshold and Lower Profits Limit stay aligned with the Personal Allowance
- Estimated effect: expected to bring 700,000 individuals into income tax by 2030–31, compared with CPI indexation
NICs Exemption on Pension Salary Sacrifice to Be Capped at GBP 2,000 a Year from Apr 2029
HM Treasury set out that from Apr 2029 only the first GBP 2,000 a year of employee pension contributions made through salary sacrifice will be exempt from National Insurance contributions (NICs), with employer and employee NICs due above that. Salary-sacrificed contributions will stay exempt from income tax, subject to the usual limits, and employer pension contributions will stay free of NICs.
What changed (effective Apr 2029)
- NICs-exempt pension contributions via salary sacrifice: first GBP 2,000 a year per employee, from Apr 2029
- Employee contributions above GBP 2,000: subject to employer and employee NICs
- Income tax on salary-sacrificed contributions: still exempt (subject to the usual limits)
- Employer pension contributions: continue to be free of NICs
- Further guidance: to be published on GOV.UK before Apr 2029
Plan 2 Student Loan Repayment Threshold Set at GBP 29,385 from Apr 2026
The Student Loans Company announced that the repayment threshold and lower interest rate threshold for Plan 2 undergraduate loans is GBP 29,385 from Apr 2026, with the higher interest threshold at GBP 52,885. The repayment threshold for Plan 3 Postgraduate Masters and Doctoral Loans is GBP 21,000 from Apr 2026.
What changed (effective Apr 2026)
- Plan 2 repayment and lower interest threshold: GBP 29,385
- Plan 2 higher interest threshold: GBP 52,885
- Plan 3 postgraduate repayment threshold: GBP 21,000
Budget 2025 Freezes Plan 2 Student Loan Threshold at GBP 29,385 Until 2029–30
HM Treasury announced in Budget 2025 that the repayment threshold for Plan 2 student loans will be maintained at its 2026–27 level of GBP 29,385 for three years from 6 Apr 2027, covering 2027–28 until 2029–30.
What changed (effective 6 Apr 2027)
- Plan 2 repayment threshold: frozen at GBP 29,385 for three years from 6 Apr 2027
- Years covered: 2027–28 until 2029–30
National Living Wage to Rise 4.1% to GBP 12.71 an Hour from 1 Apr 2026
HM Treasury announced that the government accepted the Low Pay Commission (LPC) recommendations: from 1 Apr 2026 the National Living Wage (NLW) for workers aged 21 and over will rise by 4.1% to GBP 12.71 an hour, the National Minimum Wage (NMW) for 18 to 20-year-olds by 8.5% to GBP 10.85, and the rate for 16 to 17-year-olds and apprentices by 6% to GBP 8.
What changed (effective 1 Apr 2026)
- National Living Wage, aged 21 and over: GBP 12.71 an hour (up 4.1%)
- National Minimum Wage, aged 18 to 20: GBP 10.85 an hour (up 8.5%)
- Aged 16 to 17 and apprentices: GBP 8 an hour (up 6%)
- Full-time worker on the NLW: gross annual earnings up GBP 900
- Full-time worker aged 18 to 20 on the NMW: annual earnings up GBP 1,500
- Low-paid workers benefiting from the NLW rise: around 2.4 million
Energy Price Cap Rises 0.2% to GBP 1,758 for January to March 2026
Ofgem announced a 0.2% rise in the energy price cap for January to March 2026, around 28 pence a month for the average dual-fuel household. For an average household paying by Direct Debit for gas and electricity the bill will be GBP 1,758 a year; standing charges rise 2% for electricity and 3% for gas.
What changed (effective Jan 2026)
- Typical dual-fuel bill (Direct Debit): GBP 1,758 a year
- Change: Up 0.2%, around 28 pence a month
- Cap period: January to March 2026
- Standing charges: Up 2% for electricity and 3% for gas
- Cost drivers: Sizewell C funding (around GBP 1 a month); updated typical consumption input (75 pence a month); Warm Home Discount (around 57 pence a month)
FSCS Deposit Protection Limit Rises to GBP 120,000 from 1 Dec 2025
The Prudential Regulation Authority (PRA) published final rules raising the Financial Services Compensation Scheme (FSCS) deposit protection limit to GBP 120,000 from GBP 85,000, rather than the GBP 110,000 it consulted on. The new limit applies from 1 Dec 2025 for firm failures on or after that date, with HM Treasury's approval, and the temporary high balance limit rises to GBP 1.4 million.
What changed (effective 1 Dec 2025)
- FSCS deposit protection limit: GBP 120,000 (from GBP 85,000)
- Temporary high balance (THB) limit: GBP 1.4 million (from GBP 1 million)
- Applies to: firm failures on or after 1 Dec 2025
- Firms' disclosure materials: to be updated no later than 31 May 2026
Nationwide Lowers Some Savings Rates by up to 0.25 Percentage Points From 1 Oct 2025
Nationwide said it will lower rates on specific savings products by between 0.20 and 0.25 percentage points from 1 Oct 2025, in response to the Bank of England’s August 0.25 percentage point Bank Rate cut. FlexOne Saver, FlexOne Regular Saver and Flex Regular Saver are unchanged.
What changed (effective 1 Oct 2025)
- Rate reductions: 0.20 to 0.25 percentage points from 1 Oct 2025
- 1 Year Triple Access Online Saver / ISA: 3.50% (from 3.75%)
- Reward Saver / Reward ISA: 3.00% (from 3.20%)
- Single Access ISA / Single Access Saver: 3.05% (from 3.25%)
- Flex Instant Saver (Issues 2 to 4): 2.50% (from 2.75%)
- Smart Junior ISA / Child Trust Fund: 3.05% (from 3.30%)
Company announcement — figures are from Nationwide Building Society’s own release, not an official government source.
Energy Price Cap Rises 2% to GBP 1,755 for October to December 2025
Ofgem announced a 2% rise in the energy price cap for October to December 2025, around GBP 2.93 a month for the average household. For an average household paying by Direct Debit for gas and electricity the bill will be GBP 1,755 a year; standing charges rise 4% for electricity and 14% for gas.
What changed (effective Oct 2025)
- Typical dual-fuel bill (Direct Debit): GBP 1,755 a year
- Change: Up 2%, around GBP 2.93 a month
- Cap period: October to December 2025
- Standing charges: Up 4% for electricity and 14% for gas
- Cost drivers: Electricity balancing costs (around GBP 1.23 a month); Warm Home Discount extension (GBP 1.42 a month)
Student Loan Interest from 1 Sep 2025: RPI 3.2%, Plan 2 and Plan 3 Maximum 6.2%
The Student Loans Company announced interest rates for 1 Sep 2025 to 31 Aug 2026 based on an applicable RPI of 3.2%: Plan 1 and Plan 5 loans 3.2%, Plan 2 loans between 3.2% and 6.2% depending on circumstances, and Plan 3 postgraduate loans up to 6.2%. The Plan 1 repayment threshold rises to GBP 26,900 from 6 Apr 2026.
What changed (effective 1 Sep 2025)
- Applicable RPI: 3.2%, 1 Sep 2025 to 31 Aug 2026
- Plan 1: 3.2% maximum (lower of RPI and Bank Base Rate + 1%, currently 5%)
- Plan 2: RPI (3.2%) up to RPI + 3% (6.2%) depending on circumstances; 6.2% while studying
- Plan 3 (postgraduate): up to 6.2% (RPI + 3%)
- Plan 5: 3.2% (RPI)
- Plan 1 repayment threshold: GBP 26,900 from 6 Apr 2026 to 5 Apr 2027
Bank of England Cuts Bank Rate to 4%
The Bank of England's Monetary Policy Committee (MPC) voted by a majority of 5–4 to reduce Bank Rate by 0.25 percentage points, from 4.25% to 4%.
What changed
- Bank Rate: 4% (from 4.25%)
- MPC vote: 5–4 to cut by 0.25 percentage points; 4 members voted to hold at 4.25%
Nationwide Cuts Standard Mortgage Rate to 6.74% From 1 Sep 2025
Nationwide said that, following the 0.25 percentage point cut in Bank Rate on 7 Aug 2025, its Standard Mortgage Rate (SMR) will decrease by 0.25 percentage points to 6.74% from 1 Sep 2025. Rates on tracker mortgages held by existing Nationwide customers will also decrease to reflect the Bank Rate change from 1 Sep 2025.
What changed (effective 1 Sep 2025)
- Nationwide Standard Mortgage Rate (SMR): 6.74% from 1 Sep 2025 (down 0.25 percentage points)
- Tracker mortgages (existing customers): decrease in line with the Bank Rate change from 1 Sep 2025
Company announcement — figures are from Nationwide Building Society’s own release, not an official government source.
FCA Simplifies Mortgage Rules for Remortgaging and Term Reductions
The Financial Conduct Authority (FCA) published final rules (PS25/11) simplifying specific responsible lending and advice rules for mortgages, to make it easier to remortgage with a new lender, reduce the overall cost of borrowing through term reductions and discuss options with a firm. The rule and guidance changes came into effect on 22 Jul 2025.
What changed (effective 22 Jul 2025)
- Remortgaging with a new lender: made easier under the amended rules
- Reducing the mortgage term: made easier, to reduce the overall cost of borrowing
- Discussing options with a firm: made easier, with the option to seek advice if needed
- Non-Handbook guidance: withdrawn on 22 Jul 2025
GBP 150 Warm Home Discount Extended to 2.7 Million More Households on Means-Tested Benefits
DESNZ confirmed, following consultation, that the Warm Home Discount is expanded for winter 2025–2026 so that every billpayer on means-tested benefits qualifies for the GBP 150 electricity bill rebate, removing the high-cost-to-heat threshold in England and Wales. Over 6 million households are eligible, an increase of 2.7 million.
What changed
- Rebate: GBP 150 off the electricity bill
- Eligibility: every household where the means-tested benefit recipient (or partner) is named on the energy bill
- High-cost-to-heat threshold (England and Wales): removed for winter 2025–2026
- Households eligible: over 6 million, 2.7 million more
- Scotland: higher level of spend for suppliers to allocate through the Broader Group
Winter Fuel Payment Extended to Pensioners in England and Wales with Income up to GBP 35,000
HM Treasury announced that all pensioners in England and Wales with an income of, or below, GBP 35,000 a year will receive a Winter Fuel Payment in winter 2025–26, around 9 million people. Payments of GBP 200 per household, or GBP 300 with someone aged 80 or over, will be made automatically; above GBP 35,000 the payment is recovered via PAYE or Self Assessment.
What changed (effective 2025–26)
- Income threshold: GBP 35,000 a year, based on individual taxable income
- Payment: GBP 200 per household; GBP 300 with someone aged 80 or over
- Income above the threshold: payment recovered automatically via PAYE or Self Assessment; an opt-out is to be offered
- Qualifying week: 15 to 21 Sep 2025
- Winter 2024–25 rule: restricted to households on Pension Credit or certain other income-related benefits
Nationwide Lowers Some Savings Rates by up to 0.25 Percentage Points From 1 Jul 2025
Nationwide said it will lower rates on specific savings products by between 0.10 and 0.25 percentage points from 1 Jul 2025, in response to the Bank of England’s May 0.25 percentage point Bank Rate cut. FlexOne Saver, Flex Regular Saver, Start to Save, Flex Instant Saver, Smart Instant Access, SmartSaver and Continue to Save are unchanged.
What changed (effective 1 Jul 2025)
- Rate reductions: 0.10 to 0.25 percentage points from 1 Jul 2025
- 1Y Triple Access Online ISA / Saver: 3.75% (from 4.00%)
- Reward Saver / Reward ISA: 3.20% (from 3.30%)
- Single Access ISA / Single Access Saver: 3.25% (from 3.35%)
- Smart Junior ISA / Child Trust Fund: 3.30% (from 3.55%)
- Future Saver & Children’s Future Saver: 3.30% (from 3.55%)
Company announcement — figures are from Nationwide Building Society’s own release, not an official government source.
Energy Price Cap Falls 7% to GBP 1,720 from 1 Jul 2025
Ofgem announced a 7% fall in the energy price cap for July to September 2025, GBP 129 a year (around GBP 11 a month) for an average household, to GBP 1,720 a year for a dual-fuel Direct Debit household. From 1 Jul 2025, Direct Debit and prepayment standing charges fall by around GBP 19 on average.
What changed (effective 1 Jul 2025)
- Typical dual-fuel bill (Direct Debit): GBP 1,720 a year
- Change: Down 7%, GBP 129 a year (around GBP 11 a month)
- Cap period: July to September 2025
- Standing charges (Direct Debit and prepayment): Down around GBP 19 a year on average from 1 Jul 2025
- Same period a year earlier: The new cap is GBP 152 (10%) higher
Bank of England Cuts Bank Rate to 4.25%
The Bank of England's Monetary Policy Committee (MPC) voted by a majority of 5–4 to reduce Bank Rate by 0.25 percentage points to 4.25%, announced on 8 May 2025. Two members preferred a 0.5 percentage point cut to 4%, and two preferred to maintain Bank Rate at 4.5%.
What changed
- Bank Rate: 4.25% (from 4.5%)
- MPC vote: 5–4 to cut by 0.25 percentage points
- Minority views: 2 members for a cut to 4%; 2 members to hold at 4.5%
Nationwide Cuts Standard Mortgage Rate to 6.99% From 1 Jun 2025
Nationwide said that, following the 0.25 percentage point cut in Bank Rate on 8 May 2025, its Standard Mortgage Rate (SMR) will decrease by 0.25 percentage points to 6.99% from 1 Jun 2025. Rates on tracker mortgages held by existing Nationwide customers will also decrease to reflect the Bank Rate change from 1 Jun 2025.
What changed (effective 1 Jun 2025)
- Nationwide Standard Mortgage Rate (SMR): 6.99% from 1 Jun 2025 (down 0.25 percentage points)
- Tracker mortgages (existing customers): decrease in line with the Bank Rate change from 1 Jun 2025
Company announcement — figures are from Nationwide Building Society’s own release, not an official government source.
Nationwide Lowers Some Savings Rates by up to 0.25 Percentage Points From 1 Jun 2025
Nationwide said it will lower rates on specific savings products by between 0.10 and 0.25 percentage points from 1 Jun 2025, in response to the Bank of England’s February 0.25 percentage point Bank Rate cut. Children’s FlexOne Saver, Flex Regular Saver and Start to Save are unchanged.
What changed (effective 1 Jun 2025)
- Rate reductions: 0.10 to 0.25 percentage points from 1 Jun 2025
- Flex Instant Saver: 2.75% (from 3.00%)
- Reward Saver / Reward ISA: 3.30% (from 3.50%)
- Single Access Saver / Single Access ISA: 3.35% (from 3.55%)
- 1 Year Triple Access Online Saver / ISA: unchanged at 4.00%
- Children’s FlexOne Saver, Flex Regular Saver, Start to Save: unchanged at 5.00%, 6.50% and 5.50%
Company announcement — figures are from Nationwide Building Society’s own release, not an official government source.
Universal Credit Debt Deductions Capped at 15%, Down from 25%, from 30 Apr 2025
DWP announced that the Fair Repayment Rate, introduced at the Autumn Budget, came into force on 30 Apr 2025, cutting the maximum amount that can be taken from the Universal Credit standard allowance to repay debt from 25% to 15%. DWP said around 1.2 million households keep an extra GBP 420 a year on average.
What changed (effective 30 Apr 2025)
- Maximum deduction from the standard allowance: 15% (from 25%)
- Applies to: assessment periods starting on or after 30 Apr 2025
- Households affected: around 1.2 million, keeping GBP 420 a year more on average
Help to Save Opens to 550,000 More Working People on Universal Credit
HM Revenue and Customs (HMRC) announced that Help to Save is now open to anyone working and receiving Universal Credit, making 550,000 more people eligible, and that the scheme has been extended until Apr 2027. Savers can deposit GBP 1 to GBP 50 a month and earn an extra 50 pence for every GBP 1 saved, with bonuses paid in the second and fourth years.
What changed
- Eligibility: anyone working and receiving Universal Credit (previously Tax Credits or Universal Credit and earning at least 16 hours a week at the National Living Wage)
- Newly eligible: 550,000 more people
- Scheme end date: extended to Apr 2027 (from Apr 2025)
- Monthly deposit: GBP 1 to GBP 50
- Bonus: GBP 1,200 in total on the maximum GBP 2,400 deposited over four years
State Pension Rises 4.1% from 7 Apr 2025: Full New State Pension GBP 230.25 a Week
DWP announced that under the Triple Lock the basic and new State Pensions increase by 4.1%, with most new rates applying from 7 Apr 2025 and the full new State Pension rising from GBP 221.20 to GBP 230.25 a week. The Pension Credit minimum guarantee also rises by 4.1%, while Universal Credit and other benefits including Personal Independence Payment rise by 1.7%.
What changed (effective 7 Apr 2025)
- Full new State Pension: GBP 230.25 a week (from GBP 221.20)
- Full basic State Pension: GBP 176.45 a week (from GBP 169.50)
- Pension Credit minimum guarantee, single: GBP 227.10 (from GBP 218.15), up 4.1%
- Pension Credit minimum guarantee, couple: GBP 346.60 (from GBP 332.95), up 4.1%
- Universal Credit and other benefits: up 1.7%
Child Benefit Rises to GBP 26.05 a Week for the Eldest or Only Child from 7 Apr 2025
HMRC announced that from 7 Apr 2025 Child Benefit is GBP 26.05 a week (GBP 1,354.60 a year) for the eldest or only child and GBP 17.25 a week (GBP 897 a year) for each additional child, up from GBP 25.60 and GBP 16.95 a week in 2024–25. Child Benefit is usually paid every 4 weeks into a bank account.
What changed (effective 7 Apr 2025)
- Eldest or only child: GBP 26.05 a week, GBP 1,354.60 a year (from GBP 25.60 a week)
- Each additional child: GBP 17.25 a week, GBP 897 a year (from GBP 16.95 a week)
- High Income Child Benefit Charge: option to pay the charge through the PAYE tax code instead of a Self Assessment return, to be offered from summer 2025
Energy Price Cap Rises 6.4% to GBP 1,849 from 1 Apr 2025
Ofgem announced a 6.4% rise in the energy price cap for April to June 2025, GBP 111 a year (around GBP 9.25 a month) for an average household, to GBP 1,849 a year for a dual-fuel Direct Debit household. Ofgem attributes around 78% of the rise to a spike in wholesale prices.
What changed (effective 1 Apr 2025)
- Typical dual-fuel bill (Direct Debit): GBP 1,849 a year
- Change: Up 6.4%, GBP 111 a year (around GBP 9.25 a month)
- Cap period: April to June 2025
- Standing charges from 1 Apr 2025: Lower for most households; some see a rise of up to GBP 20 a year for a typical dual-fuel consumer
- Same period a year earlier: GBP 1,690; the new cap is 9.4% (GBP 159) higher
Bank of England Cuts Bank Rate to 4.5%
The Bank of England's Monetary Policy Committee (MPC) voted by a majority of 7–2 to reduce Bank Rate by 0.25 percentage points to 4.5%, announced on 6 Feb 2025. The two other members preferred a larger cut of 0.5 percentage points, to 4.25%.
What changed
- Bank Rate: 4.5% (down 0.25 percentage points)
- MPC vote: 7–2 to cut by 0.25 percentage points; 2 members preferred a cut to 4.25%
Nationwide Cuts Standard Mortgage Rate to 7.24% From 1 Mar 2025
Nationwide said that, following the 0.25 percentage point cut in Bank Rate on 6 Feb 2025, its Standard Mortgage Rate (SMR) will decrease by 0.25 percentage points to 7.24% from 1 Mar 2025. Rates on tracker mortgages held by existing Nationwide customers will also decrease to reflect the Bank Rate change from 1 Mar 2025.
What changed (effective 1 Mar 2025)
- Nationwide Standard Mortgage Rate (SMR): 7.24% from 1 Mar 2025 (down 0.25 percentage points)
- Tracker mortgages (existing customers): decrease in line with the Bank Rate change from 1 Mar 2025
Company announcement — figures are from Nationwide Building Society’s own release, not an official government source.
Santander UK Cuts Standard Variable Rate to 6.75% and Follow-on Rate to 7.75% From 3 Mar 2025
Santander UK said its Standard Variable Rate (SVR) will decrease to 6.75% from 7.00% on 3 Mar 2025, after the Bank of England base rate was cut by 0.25 percentage points to 4.50%. Existing tracker mortgages linked to the base rate, including its Follow-on Rate (FoR), fall by 0.25 percentage points from the same date, taking the FoR to 7.75% from 8.00%, as do base rate linked savings.
What changed (effective 3 Mar 2025)
- Santander Standard Variable Rate (SVR): 6.75% from 3 Mar 2025 (from 7.00%)
- Santander Follow-on Rate (FoR): 7.75% from 3 Mar 2025 (from 8.00%)
- Existing base rate linked tracker mortgages: down 0.25 percentage points from 3 Mar 2025
- Base rate linked savings (Rate for Life, Good for Life): down 0.25 percentage points from 3 Mar 2025
Company announcement — figures are from Santander UK plc’s own release, not an official government source.
Nationwide Lowers Some Savings Rates by up to 0.25 Percentage Points From 1 Feb 2025
Nationwide said it will lower rates on specific savings products by between 0.10 and 0.25 percentage points from 1 Feb 2025, in response to the Bank of England’s November 0.25 percentage point Bank Rate cut. Flex Regular Saver, Start to Save and FlexOne Saver are unchanged.
What changed (effective 1 Feb 2025)
- Rate reductions: 0.10 to 0.25 percentage points from 1 Feb 2025
- 1 Year Triple Access Online Saver / ISA: 4.00% (from 4.10%)
- Loyalty Saver / Loyalty ISA: 3.50% (from 3.60%)
- Flex Instant Saver: 3.00% (from 3.25%)
- Smart Junior ISA / Child Trust Fund: 3.55% (from 3.80%)
- Flex Regular Saver, Start to Save, FlexOne Saver: unchanged at 6.50%, 5.50% and 5.00%
Company announcement — figures are from Nationwide Building Society’s own release, not an official government source.
Wales Raises Land Transaction Tax Higher Residential Rates by 1 Percentage Point from 11 Dec 2024
The Welsh Government announced in its Draft Budget 2025–26 that the higher residential rates of Land Transaction Tax (LTT) rise by 1 percentage point across all bands, through regulations made on 10 Dec 2024 that come into force on 11 Dec 2024. Taxpayers who have already exchanged contracts pay the former rates if they comply with the transitional rules.
What changed (effective 11 Dec 2024)
- Higher residential rates of LTT: up 1 percentage point across all bands
- Level after the change: broadly 5 percentage points above the main residential rates
- Contracts already exchanged: former rates, if the relevant transitional rules are met
- Main residential rates: unchanged; starting threshold remains GBP 225,000
- Senedd approval: a vote to give the rates permanent effect (made affirmative procedure)
Scotland Proposes 3.5% Rise in Basic and Intermediate Income Tax Thresholds for 2025–26
Scottish Government Finance Secretary Shona Robison set out income tax proposals in the 2025–26 Scottish Budget: the Basic and Intermediate rate thresholds would rise by 3.5% to GBP 15,397 and GBP 27,491, and the Higher, Advanced and Top rate thresholds would stay at GBP 43,662, GBP 75,000 and GBP 125,140. The Scottish Government said rates are frozen for the rest of this Parliament.
What changed (effective 2025–26)
- Basic rate threshold (proposed): GBP 15,397 (up 3.5%)
- Intermediate rate threshold (proposed): GBP 27,491 (up 3.5%)
- Higher, Advanced and Top rate thresholds (proposed): maintained at GBP 43,662, GBP 75,000 and GBP 125,140
- Income tax rates (Scottish Government commitment): frozen for the rest of this Parliament
- Number of tax bands (commitment): to be frozen
Scotland Raises LBTT Additional Dwelling Supplement to 8% from 5 Dec 2024
Revenue Scotland said the Scottish Government announced in its 2025–26 Scottish Budget that the Additional Dwelling Supplement (ADS) under Land and Buildings Transaction Tax (LBTT) increases to 8% for contracts entered into on or after 5 Dec 2024. The previous rate of 6% applies to contracts entered into on or before 4 Dec 2024.
What changed (effective 5 Dec 2024)
- Additional Dwelling Supplement (ADS) rate: 8% (from 6%)
- New rate applies to: contracts entered into on or after 5 Dec 2024
- Contracts entered into on or before 4 Dec 2024: previous rate of 6% applies
Energy Price Cap Rises 1.2% to GBP 1,738 from Jan 2025
Ofgem announced a 1.2% rise in the energy price cap for January to March 2025, GBP 21 a year (around GBP 1.75 a month) for an average household. For an average household paying by Direct Debit for dual fuel this equates to GBP 1,738 a year.
What changed (effective Jan 2025)
- Typical dual-fuel bill (Direct Debit): GBP 1,738 a year (from GBP 1,717)
- Change: Up 1.2%, GBP 21 a year (around GBP 1.75 a month)
- Cap period: January to March 2025
- Same period a year earlier: GBP 1,928; the new cap is 10% (GBP 190) lower
Bank of England Cuts Bank Rate to 4.75%
The Bank of England's Monetary Policy Committee (MPC) voted by a majority of 8–1 to reduce Bank Rate by 0.25 percentage points to 4.75%, announced on 7 Nov 2024. One member preferred to maintain Bank Rate at 5%.
What changed
- Bank Rate: 4.75% (from 5%)
- MPC vote: 8–1 to cut by 0.25 percentage points; 1 member preferred to hold at 5%
Nationwide Cuts Standard Mortgage Rate to 7.49% From 1 Dec 2024
Nationwide said that, following the 0.25 percentage point cut in Bank Rate on 7 Nov 2024, its Standard Mortgage Rate (SMR) will decrease by 0.25 percentage points to 7.49% from 1 Dec 2024. Rates on tracker mortgages held by existing Nationwide customers will also decrease to reflect the Bank Rate change from 1 Dec 2024.
What changed (effective 1 Dec 2024)
- Nationwide Standard Mortgage Rate (SMR): 7.49% from 1 Dec 2024 (down 0.25 percentage points)
- Tracker mortgages (existing customers): decrease in line with the Bank Rate change from 1 Dec 2024
Company announcement — figures are from Nationwide Building Society’s own release, not an official government source.
Santander UK Cuts Standard Variable Rate to 7.00% and Follow-on Rate to 8.00%
Santander UK said existing tracker mortgages linked to the base rate, including its Follow-on Rate (FoR), will decrease by 0.25 percentage points from 3 Dec 2024, taking the FoR to 8.00% from 8.25%, and its Standard Variable Rate (SVR) will fall to 7.00% from 7.25%. Base rate linked savings fall by 0.25 percentage points from 3 Dec 2024, after the base rate was cut to 4.75%.
What changed (effective 3 Dec 2024)
- Santander Standard Variable Rate (SVR): 7.00% (from 7.25%)
- Santander Follow-on Rate (FoR): 8.00% from 3 Dec 2024 (from 8.25%)
- Existing base rate linked tracker mortgages: down 0.25 percentage points from 3 Dec 2024
- Base rate linked savings (Rate for Life, Good for Life): down 0.25 percentage points from 3 Dec 2024
Company announcement — figures are from Santander UK plc’s own release, not an official government source.
Capital Gains Tax Main Rates Rise to 18% and 24% from 30 Oct 2024
HMRC published the Autumn Budget 2024 measure that raises the main rates of Capital Gains Tax on assets other than residential property and carried interest from 10% and 20% to 18% and 24%, for disposals made on or after 30 Oct 2024. The rates on residential property, 18% and 24%, are unchanged; legislation is to be introduced in Finance Bill 2024–25.
What changed (effective 30 Oct 2024)
- Lower main rate (basic rate taxpayers): 18% (from 10%)
- Higher main rate (higher rate taxpayers): 24% (from 20%)
- Trustees and personal representatives: 24% (from 20%)
- Residential property rates: unchanged at 18% and 24%
- Business Asset Disposal Relief and Investors' Relief: 14% from 6 Apr 2025 and 18% from 6 Apr 2026 (from 10%)
- Legislation: to be introduced in Finance Bill 2024–25
Autumn Budget 2024: Employer NICs to Rise to 15% from 6 Apr 2025, Secondary Threshold to GBP 5,000
HM Treasury announced at Autumn Budget 2024 that the rate of employer National Insurance contributions will increase by 1.2 percentage points to 15% from 6 Apr 2025, and the Secondary Threshold, the level at which employers start paying on each employee's salary, will fall from GBP 9,100 to GBP 5,000 a year. The main rates of income tax, employee National Insurance and VAT are not increased.
What changed (effective 6 Apr 2025)
- Employer NICs rate: 15% from 6 Apr 2025 (up 1.2 percentage points)
- Secondary Threshold (employer NICs): GBP 5,000 a year (from GBP 9,100)
- Income tax, employee NICs and VAT main rates: not increased
Autumn Budget 2024: Fuel Duty Frozen for One Year and 5p Cut Extended to 22 Mar 2026
HM Treasury announced at Autumn Budget 2024 that fuel duty will be frozen for one year and the temporary 5p cut extended to 22 Mar 2026, a tax cut it put at GBP 3 billion, saving the average car driver GBP 59 next year.
What changed
- Fuel duty rates: frozen for one year
- Temporary 5p cut: extended to 22 Mar 2026
- Estimated saving next year: average car driver GBP 59; vans GBP 126; Heavy Goods Vehicles GBP 1,079
Unused Pension Funds to Come Into Inheritance Tax from 6 Apr 2027
HMRC's Autumn Budget 2024 overview of tax legislation and rates states that the government will bring unused pension funds and death benefits payable from a pension into a person's estate for Inheritance Tax purposes from 6 Apr 2027. The measure is not in Finance Bill 2024–25; the nil-rate bands are to be fixed at GBP 325,000 and GBP 175,000 until 5 Apr 2030.
What changed (effective 6 Apr 2027)
- Unused pension funds and pension death benefits: to be brought into the estate for Inheritance Tax from 6 Apr 2027
- Status: announced at Autumn Budget 2024; not in Finance Bill 2024–25
- Nil-rate band and residence nil-rate band: GBP 325,000 and GBP 175,000 (taper from GBP 2 million), to be fixed until 5 Apr 2030 (from 5 Apr 2028)
SDLT Surcharge on Additional Homes Rises from 3 to 5 Percentage Points from 31 Oct 2024
HMRC published the Autumn Budget 2024 measure that raises the Stamp Duty Land Tax (SDLT) higher rates on additional residential properties, such as second homes and buy-to-lets, and on residential purchases by companies from 3 to 5 percentage points above the standard rates, for transactions with an effective date on or after 31 Oct 2024. It does not apply in Scotland or Wales.
What changed (effective 31 Oct 2024)
- Surcharge on additional dwellings and company purchases: 5 percentage points above standard residential rates (from 3)
- Higher rates, 31 Oct 2024 to 31 Mar 2025: 5% to GBP 250,000; 10% to GBP 925,000; 15% to GBP 1.5 million; 17% above (from 3%, 8%, 13%, 15%)
- Higher rates from 1 Apr 2025: 5% to GBP 125,000; 7% to GBP 250,000; 10% to GBP 925,000; 15% to GBP 1.5 million; 17% above (from 3%, 5%, 8%, 13%, 15%)
- Company single rate, dwellings over GBP 500,000: 17% (from 15%)
- Where it applies: England and Northern Ireland; not Scotland or Wales
- Legislation: to be introduced in Finance Bill 2024–25
SDLT from 1 Apr 2025: 0% Band to GBP 125,000, First-Time Buyer 0% Band to GBP 300,000
HMRC's Autumn Budget 2024 rates and allowances tables list the Stamp Duty Land Tax (SDLT) residential rates that apply from 1 Apr 2025, when the thresholds in place since 23 Sep 2022 end: 0% up to GBP 125,000 (from GBP 250,000), and first-time buyer relief at 0% up to GBP 300,000 and 5% to GBP 500,000, on properties worth GBP 500,000 or less (from GBP 625,000).
What changed (effective 1 Apr 2025)
- Standard residential 0% band: up to GBP 125,000 (from GBP 250,000)
- GBP 125,001 to GBP 250,000: 2% (previously within the 0% band)
- First-time buyer relief, 0% band: up to GBP 300,000 (from GBP 425,000)
- First-time buyer relief, 5% band: GBP 300,001 to GBP 500,000 (from GBP 425,001 to GBP 625,000)
- First-time buyer relief, maximum property value: GBP 500,000 (from GBP 625,000)
- Residential leases, 0% band on rent NPV: up to GBP 125,000 (from GBP 250,000)
VAT at the Standard Rate of 20% on Private School Fees from 1 Jan 2025
HMRC published the Autumn Budget 2024 measure that removes the VAT exemption for private schools: from 1 Jan 2025 all education and boarding services provided by a private school are subject to VAT at the standard rate of 20%. Fees paid or invoiced on or after 29 Jul 2024 for terms starting on or after 1 Jan 2025 are also subject to VAT.
What changed (effective 1 Jan 2025)
- VAT on private school education and boarding: 20% standard rate from 1 Jan 2025 (previously exempt)
- Pre-payments: fees paid or invoiced on or after 29 Jul 2024 for terms starting on or after 1 Jan 2025 are also subject to VAT
- Schools covered: fee-charging schools educating pupils of compulsory school age, and private sixth forms; nursery schools are not included
- Legislation: Finance Bill 2024–25, with a Provisional Collection of Taxes Act 1968 resolution from 30 Oct 2024
National Living Wage to Rise 6.7% to GBP 12.21 an Hour from Apr 2025
HM Treasury announced that the National Living Wage will increase from GBP 11.44 to GBP 12.21 an hour from Apr 2025, a 6.7% rise worth GBP 1,400 a year for an eligible full-time worker, confirming the Low Pay Commission's recommendations. The National Minimum Wage for 18 to 20-year-olds will rise from GBP 8.60 to GBP 10.00 an hour.
What changed (effective Apr 2025)
- National Living Wage: GBP 12.21 an hour (from GBP 11.44), up 6.7%
- National Minimum Wage, ages 18 to 20: GBP 10.00 an hour (from GBP 8.60)
- Apprentice minimum, example of an 18-year-old apprentice: GBP 7.55 an hour (from GBP 6.40)
- Eligible full-time worker on the National Living Wage: GBP 1,400 a year more
- Workers receiving the National Living Wage rise: over 3 million
Nationwide Lowers Some Savings Rates by up to 0.20 Percentage Points From 1 Nov 2024
Nationwide said it will lower rates on specific savings products by between 0.10 and 0.20 percentage points from 1 Nov 2024, in response to the Bank of England’s 0.25 percentage point Bank Rate cut on 1 Aug 2024; no account receives the full 0.25 percentage point reduction. Flex Regular Saver, FlexOne Saver and Flex Instant Saver are unchanged.
What changed (effective 1 Nov 2024)
- Rate reductions: 0.10 to 0.20 percentage points from 1 Nov 2024
- 1 Year Triple Access Online Saver / ISA: 4.10% (from 4.25%)
- Loyalty Saver / Loyalty ISA: 3.60% (from 3.75%)
- Smart Junior ISA / Child Trust Fund: 3.80% (from 4.00%)
- Help to Buy ISA: 3.35% (from 3.50%)
- Flex Instant Saver, FlexOne Saver: unchanged at 3.25% and 5.00%
Company announcement — figures are from Nationwide Building Society’s own release, not an official government source.
Energy Price Cap Rises 10% to GBP 1,717 from 1 Oct 2024
Ofgem announced a 10% rise in the energy price cap for 1 Oct to 31 Dec 2024, to GBP 1,717 a year for an average household paying by Direct Debit for dual fuel, around GBP 12 a month more. Ofgem attributes 82% of the rise to prices on the international energy market.
What changed (effective 1 Oct 2024)
- Typical dual-fuel bill (Direct Debit): GBP 1,717 a year (from GBP 1,568)
- Change: Up 10%, GBP 149 a year (around GBP 12 a month)
- Cap period: 1 Oct to 31 Dec 2024
- Same period a year earlier: GBP 1,834; the new cap is 6% (GBP 117) lower
Student Loan Interest from 1 Sep 2024: RPI 4.3%; Plan 2 Threshold GBP 28,470 from Apr 2025
The Student Loans Company announced interest rates for 1 Sep 2024 to 31 Aug 2025 based on an applicable RPI of 4.3%: Plan 1 and Plan 5 loans 4.3%, Plan 2 loans between 4.3% and 7.3% depending on income, and Plan 3 postgraduate loans 7.3%. The Plan 2 repayment threshold rises to GBP 28,470 and the Plan 1 threshold to GBP 26,065 from 6 Apr 2025.
What changed (effective 1 Sep 2024)
- Applicable RPI: 4.3%, 1 Sep 2024 to 31 Aug 2025
- Plan 1: 4.3% (lower of RPI and Bank Base Rate + 1%)
- Plan 2: RPI (4.3%) where income is GBP 28,470 or less, rising to RPI + 3% (7.3%) at GBP 51,245 or more; 7.3% while studying
- Plan 3 (postgraduate): 7.3% (RPI + 3%)
- Plan 5: 4.3% (RPI)
- Repayment thresholds from 6 Apr 2025: Plan 2 GBP 28,470; Plan 1 GBP 26,065
Bank of England Cuts Bank Rate to 5%
The Bank of England's Monetary Policy Committee (MPC) voted by a majority of 5–4 to reduce Bank Rate by 0.25 percentage points to 5%, announced on 1 Aug 2024. Four members preferred to maintain Bank Rate at 5.25%.
What changed
- Bank Rate: 5% (from 5.25%)
- MPC vote: 5–4 to cut by 0.25 percentage points; 4 members preferred to hold at 5.25%
Nationwide Cuts Standard Mortgage Rate to 7.74% From 1 Sep 2024
Nationwide said that, following the 0.25 percentage point cut in Bank Rate on 1 Aug 2024, its Standard Mortgage Rate (SMR) will decrease by 0.25 percentage points to 7.74% from 1 Sep 2024.
What changed (effective 1 Sep 2024)
- Nationwide Standard Mortgage Rate (SMR): 7.74% from 1 Sep 2024 (down 0.25 percentage points)
Company announcement — figures are from Nationwide Building Society’s own release, not an official government source.
Santander UK Cuts Standard Variable Rate to 7.25% and Follow-on Rate to 8.25% From 3 Sep 2024
Santander UK said its Standard Variable Rate (SVR) will decrease by 0.25 percentage points to 7.25% from 3 Sep 2024, after the Bank of England base rate was cut by 0.25 percentage points to 5.00%. Base rate linked tracker mortgages, including its Follow-on Rate (FoR), which goes to 8.25%, fall by 0.25 percentage points from the same date, and base rate linked savings from 15 Aug 2024.
What changed (effective 3 Sep 2024)
- Santander Standard Variable Rate (SVR): 7.25% from 3 Sep 2024 (down 0.25 percentage points)
- Santander Follow-on Rate (FoR): 8.25% from 3 Sep 2024 (down 0.25 percentage points)
- Base rate linked tracker mortgages: down 0.25 percentage points from 3 Sep 2024
- Base rate linked savings (Rate for Life, Good for Life): down 0.25 percentage points from 15 Aug 2024
Company announcement — figures are from Santander UK plc’s own release, not an official government source.
Winter Fuel Payment Limited to Households Receiving Pension Credit from 2024
In an oral statement to Parliament on public spending, the Chancellor announced that those not in receipt of Pension Credit will no longer receive the Winter Fuel Payment from 2024 onwards. Winter Fuel Payments continue at GBP 200 for households receiving Pension Credit, or GBP 300 where someone in the household is aged over 80.
What changed (effective 2024)
- Eligibility: households receiving Pension Credit; others no longer receive the payment
- Payment: GBP 200 per household on Pension Credit
- Household with someone aged over 80: GBP 300
Energy Price Cap Falls 7% to GBP 1,568 from 1 Jul 2024
Ofgem confirmed a 7% fall in the energy price cap for 1 Jul to 30 Sep 2024, to GBP 1,568 a year for an average household paying by Direct Debit for dual fuel, a drop of GBP 122. The standing charge assumed in the cap for a dual-fuel customer is unchanged at GBP 334.
What changed (effective 1 Jul 2024)
- Typical dual-fuel bill (Direct Debit): GBP 1,568 a year
- Change: Down 7%, a drop of GBP 122 a year
- Cap period: 1 Jul to 30 Sep 2024
- Prepayment / standard credit (dual fuel): GBP 1,522 / GBP 1,668 a year
- Assumed standing charge (dual fuel): GBP 334 (GBP 369 by standard credit), unchanged
Council Tax Frozen Across Scotland at 2023–24 Levels
The Scottish Government said a council tax freeze will be delivered in all of Scotland's local authorities after Argyll & Bute became the final council to accept Scottish Government funding to keep rates at 2023–24 levels. Households in Inverclyde will receive a planned one-off rebate to reverse the impact of their 8.2% council tax increase.
What changed
- Council tax bills: no more than in 2023–24 in all but one council area
- Inverclyde: planned one-off rebate reversing its 8.2% increase
- Scottish Government funding for the freeze: GBP 147 million, plus a further GBP 62.7 million
- Households benefiting: over two million
State Pension Rises 8.5% from 8 Apr 2024; Universal Credit and Other DWP Benefits Up 6.7%
DWP announced that the State Pension increases by 8.5% under the Triple Lock from 8 Apr 2024, adding GBP 900 a year to the full new State Pension, which will be over GBP 11,500 a year. Universal Credit and other DWP benefits, such as Personal Independence Payment, rise by 6.7%.
What changed (effective 8 Apr 2024)
- State Pension increase: 8.5% (Triple Lock)
- Full new State Pension: over GBP 11,500 a year, GBP 900 a year more
- Universal Credit and other DWP benefits: up 6.7%, including Personal Independence Payment, Disability Living Allowance and Employment and Support Allowance
- Households on Universal Credit: an additional GBP 470 for 5.5 million households
Scotland Adds 45% Advanced Income Tax Rate and Raises Top Rate to 48% from 6 Apr 2024
The Scottish Government said that from 6 Apr 2024 a new Advanced income tax band applies a 45% rate on annual income between GBP 75,000 and GBP 125,140, and 1p is added to the Top rate, so income over GBP 125,140 is taxed at 48%. The Starter, Basic, Intermediate and Higher rates are unchanged and the Higher rate threshold stays at GBP 43,662.
What changed (effective 6 Apr 2024)
- Advanced rate (new band): 45% on annual income between GBP 75,000 and GBP 125,140
- Top rate: 48% on income over GBP 125,140 (1p added)
- Starter, Basic, Intermediate and Higher rates: unchanged at 19%, 20%, 21% and 42%
- Starter and Basic bands (raised in line with inflation): Starter GBP 12,571 to GBP 14,876; Basic GBP 14,877 to GBP 26,561
- Higher rate threshold: maintained at GBP 43,662
Child Benefit Rises to GBP 25.60 a Week for the Eldest or Only Child from 6 Apr 2024
HMRC confirmed that Child Benefit payments increase automatically from 6 Apr 2024 to GBP 25.60 a week for the eldest or only child and GBP 16.95 a week for each additional child. Families with ongoing claims do not need to contact HMRC, and there is no limit to how many children families can claim for.
What changed (effective 6 Apr 2024)
- Eldest or only child: GBP 25.60 a week (from GBP 24.00)
- Each additional child: GBP 16.95 a week (from GBP 15.90)
- Paid every 4 weeks: GBP 102.40 for the first or only child; GBP 67.80 for each additional child
- Increase a year: GBP 83.20 for one child; GBP 54.60 for each additional child
Spring Budget 2024: Employee NICs to Fall to 8% and Self-Employed Class 4 NICs to 6% from Apr 2024
HM Treasury announced at Spring Budget 2024 that the main rate of employee National Insurance contributions (NICs) will be cut by a further 2 percentage points, from 10% to 8%, and the main rate of Class 4 NICs for the self-employed from 8% to 6%, both from Apr 2024. The higher rate of Capital Gains Tax on property will be cut from 28% to 24% from Apr 2024.
What changed (effective Apr 2024)
- Employee NICs main rate: 8% from Apr 2024 (from 10%)
- Class 4 NICs main rate (self-employed): 6% from Apr 2024 (from 8%)
- Average worker on GBP 35,400: tax cut of over GBP 900 compared with last year
- Average self-employed person on GBP 28,000: over GBP 650 saved compared with last year, combined with scrapping the requirement to pay Class 2 NICs
- Higher rate of Capital Gains Tax on property: 24% from Apr 2024 (from 28%)
Spring Budget 2024: Fuel Duty Frozen and 5p Cut Extended Until Mar 2025
HM Treasury announced at Spring Budget 2024 that the main rates of fuel duty will be frozen again until Mar 2025, with the temporary 5p cut also extended. It put the saving at around GBP 50 this year for the average car driver and GBP 250 since the 5p cut was introduced.
What changed
- Main fuel duty rates: frozen again until Mar 2025
- Temporary 5p cut: extended until Mar 2025
- Average car driver: around GBP 50 saved this year; GBP 250 since the 5p cut was introduced
High Income Child Benefit Charge Threshold to Rise to GBP 60,000 from 6 Apr 2024
HMRC published the Spring Budget 2024 measure that raises the adjusted net income threshold for the High Income Child Benefit Charge (HICBC) from GBP 50,000 to GBP 60,000 from 6 Apr 2024 and halves the rate of the charge between GBP 60,000 and GBP 80,000. Above GBP 80,000 the charge equals the Child Benefit payment; legislation is to be introduced in Spring Finance Bill 2024.
What changed (effective 6 Apr 2024)
- HICBC adjusted net income threshold: GBP 60,000 (from GBP 50,000)
- Taper band: GBP 60,000 to GBP 80,000 (from GBP 50,000 to GBP 60,000)
- Taper rate: 1% of Child Benefit for every GBP 200 above GBP 60,000 (from every GBP 100 above GBP 50,000)
- Income above GBP 80,000: charge equals the full Child Benefit payment
- Families expected to benefit: around 485,000; 170,000 individuals no longer liable
- Legislation: to be introduced in Spring Finance Bill 2024
Energy Price Cap Falls 12.3% to GBP 1,690 from 1 Apr 2024
Ofgem announced a 12.3% fall in the energy price cap for 1 Apr to 30 Jun 2024, to GBP 1,690 a year for an average household paying by Direct Debit for dual fuel, a drop of GBP 238. Ofgem also allowed a temporary GBP 28 a year payment for supplier debt costs, added to Direct Debit and standard credit bills.
What changed (effective 1 Apr 2024)
- Typical dual-fuel bill (Direct Debit): GBP 1,690 a year
- Change: Down 12.3%, a drop of GBP 238 a year (around GBP 20 a month)
- Cap period: 1 Apr to 30 Jun 2024
- Temporary debt-cost payment: GBP 28 a year (GBP 2.33 a month) on Direct Debit and standard credit bills
- Standing charge levelisation: Prepayment customers save around GBP 49 a year; Direct Debit customers pay GBP 10 a year more
Employee National Insurance Main Rate Cut from 12% to 10% on 6 Jan 2024
HM Treasury confirmed that the main rate of employee National Insurance contributions (NICs) was cut by 2 percentage points, from 12% to 10%, on 6 Jan 2024, as announced at the Autumn Statement. It put the saving at GBP 450 this year for the average salaried worker on GBP 35,400, with 27 million people getting the cut.
What changed (effective 6 Jan 2024)
- Employee NICs main rate: 10% (from 12%)
- Average salaried worker on GBP 35,400: GBP 450 less National Insurance this year
- People getting the cut: 27 million
- Self-employed NICs cut (2 million people): takes effect 6 Apr 2024; worth GBP 350 for the average self-employed person on GBP 28,200
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