£80 payment, HMRC letter and full benefit rate change... the DWP and money changes coming in June
27.05.2024 - 13:43
/ manchestereveningnews.co.uk
A variety of financial changes are set to take place in June which could affect your personal budget.
Some of the changes taking place in the midst of a newly announced general election include new cost of living payments for some living in certain areas. Meanwhile, some Universal Credit claimants could see their payments go up, depending on when their last assessment period took place.
The Bank of England could also make a major new announcement affecting the British economy as well as how much you'll pay back on your mortgage when it takes another look at interest rates in June.
Read more: Decision on hiking water bills to £666 in Greater Manchester delayed until after election
There is also a new law for pet owners to be aware of, otherwise you might get caught out and fined, and you may start to see banknotes featuring King Charles' image in your cash. Here's a full breakdown of all the money changes taking place in June 2024.
During the Spring Budget, Chancellor Jeremy Hunt confirmed that the government will scrap multiple dwellings relief for stamp duty land tax.
Those who purchase more than one dwelling in a single transaction - for example, houses and flats purchased together, mixed-use properties such as shops with a flat above, or houses with an annexe - will no longer enjoy the tax relief from June 1, and thus pay more on bigger purchases.
Initially, the relief was intended to attract investment in the private rental sector, but a HMRC evaluation of the process found it made no significant difference and was instead leading to abuse of the system.
The move has been criticised by private investors who say the change in stamp duty will lead to the value of properties dropping. The chancellor said abolishing