Budget 2012: Impact on Family earning £25K

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Budget impact on family case study 1

Budget impact on family case study 1Chancellor 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

Budget 2012: Case studies – meet the winners and losers