How Will Your Finances Be Effected with This Years Poll — By Prestige Wealth Solutions
We are only a few weeks away from polling day and the Conservatives have already published their own manifesto, which will dramatically affect millions of Britons in terms of their finances.
It’s important that you understand how your finances could be effected. Here are just some of the facts you need to know.
- Winter fuel payments scrapped. This move could affect millions of elderly residents within the country. Currently these elderly residents are receiving £300 per annum towards their heating bills. The Tory government are focused on introducing new tests and restricting payments. The new tests show only 11% of households will qualify.
- The Conservatives have come forward with an amount that individuals will have to pay when it comes to their care funding. Currently the state takes on the cost of staying in a care home based on the individuals assets, this includes their home. The cost is less than £23,250 per annum. The majority of people receive care in their own homes and the threshold is to increase under the conservatives to £100,000, but property values will be taken into consideration when decisions are made. Theresa May has vowed that no one will need to sell their homes to pay for care in the near future, but rather costs will be recouped from the estate on the passing of the individual, only if their assets amount to more than £100,000.
- State pensions triple lock to be scrapped by 2020. Tory Government has stated that the triple lock of state pension increases would be stopped in 2020. The triple lock was introduced in 2010 by the coalition government. This could result in millions of residents losing money on their annual pension amounts.
- Energy prices to be capped. Tories wants to focus on the rising energy costs by introducing a price cap. Around 16% of customers are relying on prepaid tariffs which have been capped since April. The price cap could save an average home around £100.
- Tax thresholds to increase by 2020 to £50,000. Yes the Tories have announced that they will stand behind their plan to raise the higher rate by forty percent, a threshold to £50,000 by 2020. Personal allowances where tax is not payable will increase to £12,500 per annum.
- Inheritance tax is to remain the same. Labor did mention that they would reverse the family home allowance.
- Pensions Regulator and Pension Protection Fund will enjoy new powers relating to the final salary lifeboat scheme. This will give watchdogs the ability to put a stop to large financial commitments, mergers and takeovers that could intentionally threaten the pension scheme.
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