Budget 2012: Impact on family earning £10K

0
706
poorest families

Budget impact on family earningChancellor George Osborne has released his Budget 2012 and this is an at-a-glance breakdown of how it could impact a typical family earning £10,000 a year.

The example below is based on a couple in their early 40s – the Williams – where only one is working. They have one child, aged three.

 

2011/12

2012/13

2013/14

Joint income

£10,000

£10,000

£10,000

Joint deduction for income tax and NIC

-£838

-£666

-£446

Child benefit/Tax credits

£7,348

£7,483

£7,483

Net income inc credits

£16,510

£16,817

£17,037

Better off

 

£307

£527

Source: PricewaterhouseCoopers

Other case studies:

Budget 2012: Impact on family earning £25K

Budget 2012: Impact on family earning £40K

Budget 2012: Impact on family earning £55K

Budget 2012: Impact on family earning £68K

Other impacts of the Budget 2012:

Budget 2012: Child benefit changes are softened

Budget 2012: Tax changes – will you benefit?

Budget 2012: Misery for millions of motorists

Budget 2012: Chancellor champions help for first-time buyers

Budget 2012: Case studies – meet the winners and losers