8 money changes in October explained from the Budget to stamp duty ending – how they affect your finances
THERE are eight big changes coming this month that could affect your finances.
Cuts to benefits, the end of Covid financial support schemes and changes to card payments are among the differences you might notice in October.
Stamp Duty holiday ends – today
The stamp duty rate has returned to its normal limit of £125,000 from October 1.
A stamp duty holiday was announced last year to kickstart the housing market after lockdown.
It was originally due to end in March but the deadline was extended by three months, to June 30 2021.
After that the tax-free threshold was set at £250,000, which is double the normal allowance, until the end of September.
Eviction notices period returns to normal – today
From today, landlords have to give tenants just two months notice before evicting them.
The eviction notice period has returned to its normal length following an extension during the pandemic.
In August last year it was announced that landlords must give tenants six months notice, before it was cut to four months from June 1.
This was rolled out as part of an emergency measure to protect Brits during the pandemic.
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Energy bill hikes – today
The energy price cap limits how much households on default tariffs pay for their gas and electricity.
It rose by a record £139 this month due to rocketing wholesale gas prices
Around 11milllion families on “standard” tariffs will be impacted – that means those who stayed loyal to their supplier and not switched in the past year.
Their bills will go up today from the current £1,138 to around £1,288.
Household Support Fund opens – today
Hard-up Brits can apply for free cash grants to help pay for food, clothing and bills this winter.
The government this week launched a £500million Household Support Fund to help struggling families buy household essentials.
Councils will get the cash to hand out from today but it might take longer for them to open for applications.
You should contact your local authority to find out if you’re eligible and how to apply.
Universal Credit cut – October 6
The cut to Universal Credit will be rolled out from October 6.
Universal Credit claimants will lose £20 a week from their benefit payments and over the year that adds up to a loss of £1,040.
Here’s how much money you’ll lose from your monthly payments, with rates for the 2021-22 tax year, before and after the uplift:
- For those single and aged under 25, the standard allowance with the uplift is £344 – after the uplift is cut that will fall to £257.33
- For those single and aged 25 or over, the standard allowance with the uplift is £411.51 – after the uplift is cut that will fall to £324.84
- For joint claimants both under 25, the standard allowance with the uplift is £490.60 (for both) – after the uplift is cut that will fall to £403.93
- For joint claimants where one or both are 25 or over, the standard allowance with the uplift is £596.58 (for both) – after the uplift is cut that will fall to £509.91
Contactless limit rise – October 15
Shoppers will be able to make contactless payments of up to £100 from October 15.
The contactless limit was increased from £30 to £45 at the start of last year as the coronavirus pandemic began to spread across the UK.
It will more than double to £100 this month, but UK Finance warned that it could take “some time” for the new £100 limit to be rolled out across all retailers.
Mastercard raises fees – October 15
Mastercard will increase fees for companies when a UK customer buys something from the EU – and there are fears this rise could be passed on to shoppers.
In 2015, the EU introduced a cap to stop firms from being slapped with bills worth hundreds of millions of euros and higher costs for shoppers.
But Mastercard has told companies the limit no longer applies now that the UK has left the EU.
From October 15, Mastercard will charge companies 1.5% of the transaction value on every online credit card payment made from the UK to the EU, up 0.3%.
Autumn Budget – 27 October
Chancellor Rishi Sunak will announce a raft of financial changes at the end of the month.
The Autumn Budget is likely to include updates on the UK economy’s recovery from the pandemic – and what that means for consumers.
It is also when any changes to taxes could be announced, so keep an eye out for any announcements that could hit your pocket.
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