Nine Currency Changes Take Effect Today, From Contactless Payments To Lotto Rules
A number of financial changes are being made across England starting today.
The Chancellor has drawn up a plan to return the economy to “normal” which includes the end of the leave scheme, reports the Mirror.
Six million people will also see the end of the universal credit increase of £ 20 this month.
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The final grant for the self-employed was also closed in sync with the job retention program, including for those in sectors subject to Covid restrictions.
This is despite warnings that 250,000 people could be made redundant due to cuts in the coming weeks alongside rising prices for fuel, energy and food.
So what do you need to know Here are all the laws and monetary changes that come into effect.
The leave no longer exists
Perhaps the biggest change of all is the Chancellor’s decision to put the job retention program on hold almost 18 months after its launch to keep people in their jobs during the pandemic.
Rishi Sunak has rejected all calls for an extension, and 1.6 million people whose jobs are still affected by Covid restrictions could now find themselves at risk of reduced hours or layoffs.
On leave, companies were able to secure up to 80% of staff salaries to help them stay afloat during the pandemic.
End of the SEISS grant
Likewise, you can no longer apply for Covid support if you are self-employed.
SEISS – officially known as the Self-Employed Income Support Scheme, has paid up to £ 7,500 to self-employed workers affected by Covid.
Applications for the latest SEISS grant opened on July 29 and you will hear from HMRC if you were eligible.
The fifth and final SEISS grant covered the period May 2021 to September 2021. Payments are still ongoing for those who met the deadline and the money equals 80% of the three-month average revenue.
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New energy price cap takes effect
Gas and electricity prices will rise for 15 million homes on October 1.
This is in line with the latest energy price cap, which will see customers at default tariffs pay £ 139 more and prepaid customers pay £ 153 from the fall.
However, with record energy prices this could be good news, as variable offers are now much lower than fixed tariffs. This is because the cap is regulated by Ofgem and was set before wholesale prices skyrocketed.
The cap is the maximum amount that energy providers will be allowed to charge customers on standard default rates this winter – especially until March 31.
Ofgem said the increase is due to a record over 50% increase in energy costs over the past six months, with gas prices hitting record highs as the world emerges from lockdown. However, next April it is likely to increase even more – so you will need to keep an eye on the market and go before that.
Contactless goes to £ 100
The payment limit on contactless cards drops to £ 100 on October 15.
This change marks the second increase since the coronavirus outbreak. Until recently, the UK was bound by an EU cap on contactless caps, but Brexit means the Treasury can now increase it freely.
The limit is currently £ 45. Anyone worried about the increase may be able to set their own limit by contacting their bank starting October 15.
Halogen bulbs banned in stores
Sales of halogen bulbs will be banned on the main street from today, the Energy Ministry confirmed.
The new legislation means retailers will no longer be able to sell the majority of general household halogen bulbs in the UK.
Those who have a halogen bulb in their home will not have to dispose of it on time, however, they will not be able to replace it when it burns out.
A ban on the sale of non-replaceable fixed bulb fixtures will also come into effect today.
Studies show that LED bulbs typically last five times longer than traditional halogen bulbs and produce the same amount of light, but use up to 80% less energy.
A spokesperson for the Department of Energy told the Mirror: “The phase-out of inefficient and energy-consuming halogen bulbs will reduce 1.26 million tonnes of CO2.
Change of age of the national lottery
Children under 18 will be banned from playing the national lottery from today, with the minimum age rising from 16 to 18.
This follows the launch of a major overhaul of gambling laws to protect children and vulnerable people from the dangerously addictive gaming industry.
Nigel Huddleston, Minister of Sports, Tourism and Heritage, said the new restrictions will help ensure that the lottery is not a “gateway to problem gambling” – especially with the growth of online gambling.
The rise in Covid universal credit comes to an end
The Chancellor has rejected all calls for an extension of the universal credit increase of £ 20, which means that from 1 October the average applicant will lose £ 20 per week.
The £ 80 monthly increase, described as a lifeline for many families, was introduced at the height of the pandemic last year to help families hard hit by Covid.
Once withdrawn, the average adult on the standard allowance will see their payments drop from £ 411.51 to £ 324.84.
On average, the benefit is worth an additional £ 1,040 per year.
The DWP is currently updating the online portals to notify customers of the changes.
He said he would update the reviews online “specifying that [the uplift] will no longer be included in their standard allowance “.
End of the deportation ban
Under temporary laws introduced on June 1, 2021, eviction notice periods have been extended from four to six months to protect those at risk of homelessness during the pandemic.
However, the notice period that landlords must serve on tenants will be reduced to pre-pandemic timelines starting October 1. It’s been a month.
Stamp duty is fully restored
The stamp duty holiday has ended, having been introduced at the height of the pandemic to protect the real estate market from collapse.
Initially, the tax break applied to houses in England and Northern Ireland worth up to £ 500,000 until July 1.
A new extension meant buyers could still enjoy the first £ 250,000 of any primary residential property in England and Northern Ireland until September 30.
However, full tax relief is reinstated today.
Stamp duty is a tax levied when you buy a property – although it is referred to as ‘land and property transaction tax’ in Scotland and ‘land transaction tax’ in Wales.
Stamp duty applies to houses valued over £ 125,000. Anything between £ 125,000 and £ 250,000 is subject to a 2% tax, followed by 9% up to £ 925,000 and 10% up to £ 1.5million.
If you are a first-time buyer you do not pay this tax on houses worth up to £ 300,000. Any excess between £ 300,000 and £ 500,000 is taxed at 5%.
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