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Changes to Tax and Benefits System
19/04/2011
It was recently reported in the National Press that changes to the tax and benefits systems are about to come in force in April. The proposed changes include plans to start increasing benefits payments, child tax credit and public sectore pensions in line with the consumer price index (CPI). Currently these benefits are reviewed in line with the retail price index( RPI) which tends to run at a higher level to the CPI.
Changes will leave the average household around £200 worse off.
The Government is also expected to increase the basic state pension in line with earnings, prices or 2.5%, whichever is the greatest.
Homeowners aged over 55 years who are concerned about their level of pension and would like to know how much money the value of their property could release to help, can find out by contacting therightequityrelease.co.uk for equity release advice.
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