In late May, the Chancellor announced new measures to counter the rising cost of living, in particular energy prices. Initial measures for 2022 In early February 2022, the Chancellor announced a package of measures to reduce the impact of the £693 April 2022 increase in Ofgem’s energy price cap. These were primarily: · A £150 council tax rebate for those with properties in bands A–D in England, with corresponding funding for Scotland, Wales and Northern Ireland under th

In April, UK inflation reached a level not seen since the early 1980s – many people’s entire adult lives. UK inflation was widely expected to jump in April as the new Ofgem utility price cap took effect. Nevertheless, when the April annual CPI rate of 9.0% was announced in mid-May, it dominated the headlines. In all the shock-horror coverage, some additional context was generally missed: Source: ONS. · Prices rose by 2.5% between March 2022 and April 2022 – more than th

The tax benefits of ISAs can extend to inheritance tax. Individual Savings Accounts (ISAs) have three major tax advantages: 1. No UK income tax liability on UK dividends and interest. With frozen tax bands and allowances plus an increase in dividend tax rates for this tax year, that tax freedom is more valuable than ever. 2. No UK tax on capital gains. Relatively few people pay capital gains tax (CGT) – fewer than 300,000 in 2019/20 – but for those who do, the ISA CGT e