From October 2011 housing benefit will be altered to exclude the most expensive properties in local areas from calculations. £250m a year savings estimated.
The temporary freeze in the Standard Interest Rate (6.8%) applied to the Support for Mortgage Interest scheme is extended to December 2010.
Income tax
VAT/NI/Income tax rates to remain the same.
Tax credits
Child tax credit: £4 supplement for children aged 1 and 2 from 2012-13 - note the new ConLib coalition has announced that this will not now be awarded.
From April 2010, HMRC will simplify the system for working parents who claim the childcare element of the working tax credit (WTC) for short periods of time, for example during school holidays.
From April 2011, there will be automatic eligibility for the disability element in working tax credit for those with a limited capability for work moving into work from employment and support allowance.
From April 2011, people over 60 years of age will qualify for the WTC if they work at least 16 hours a week (rather than 30 as currently is the case).
Following recommendations of the Take-Up Taskforce, the Government has now launched an online resource that brings together advice on the range of financial support available to working age families.
Pensioners
From 12 April 2010 the standard minimum income guarantee in pension credit will increase above indexation to £132.60 a week for a single pensioner and to £202.40 for a pensioner couple.
No one over 75 will pay tax on first £10,000 income.
Winter fuel payment increases to be guaranteed for one more year (i.e. £250 this winter; £400 for oldest people).
Inheritance tax thresholds frozen for 4 years - to pay for long-term care for older people.
The Government intends shortly to launch a formal consultation on reforms to the default retirement age, including considering options for: removing it; increasing it; and reforming the legislative framework to strengthen the position of the employee. No changes will be made before April 2011.
The Government will ensure everyone can access a basic bank account. This will benefit 1 million people on lowest incomes and allow access to, for example, cheaper direct debit payments for utility bills. The Government will consult on the details.
Unemployment
There are still lower numbers of out of work benefit claimants than in 1997.
Young persons
The extension of young person's guarantee, whereby young people under 24 who are out of work for 6 months or longer are able to be fast-tracked for support, until March 12 (originally the programme was to end in March 2011).
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