Chancellor George Osborne has released his Budget 2012 and this is an at-a-glance breakdown of how it could impact a typical family earning over £25,000 a year.
The example below is based on a couple in their mid 20s - the Browns - where only one is working. They have two kids aged three and one.
|
|
2011/12 |
2012/13 |
2013/14 |
|---|---|---|---|
|
Joint income |
£25,000 |
£25,000 |
£25,000 |
|
Joint deduction for income tax and NIC |
-£5,638 |
-£5,466 |
-£5,246 |
|
Child benefit/Tax credits |
£4,449 |
£4,719 |
£4,719 |
|
Net income |
£23,811 |
£24,253 |
£24,473 |
|
Better off |
|
£442 |
£662 |
Source: PricewaterhouseCoopers
Other case studies:
Budget 2012: Impact on family earning £10K
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
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