A report by the BBC highlights why April could be a month of tightening the purse strings in households all over the land, with a list of changes coming into effect throughout the month. A rise in the National Living Wage, an increase in personal allowance income tax threshold and changes to Inheritance Tax laws are just three areas the report pinpoints.<\/p>\n
Income Tax:\u00a0<\/strong>20 million people are expected to benefit from a rise in the amount they can earn before paying income tax \u2013 from \u00a311,000 to \u00a311,500 per annum, whilst the higher 40% tax bracket threshold rises from \u00a343,000 to \u00a345,000 per year.<\/p>\n The National Living Wage:\u00a0<\/strong>Over 25s will receive a 4% pay rise from April 1st, although that percentage falls to just 1.4% for workers aged between 21 and 24.<\/p>\n Lifetime Isa (LISA) and ISA Accounts:\u00a0<\/strong>The new LISA becomes available from April 6th\u00a0for those under-40s looking to save towards a property or pension \u2013 the government will pay a maximum of \u00a31,000 as a bonus after a year. The allowance for existing ISAs increases from \u00a315,250 to \u00a320,000 on the same day.<\/p>\n Inheritance\u00a0Tax:\u00a0<\/strong>From April 6th\u00a0an extra transferable main residence allowance of \u00a3100,000 will be able to be passed on tax free, with married couples and civil partners able to pass on \u00a3850,000 in total from their estates.<\/p>\n Council Tax:<\/strong>\u00a0April 1st\u00a0saw a 4% rise on average Council Tax bills in England.<\/p>\n