Budget 2012: Impact on family earning £40K

0
1115
Budget family case study

Budget family case studyChancellor 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 £40,000 a year.

The example below is based on a couple in their late 30s – the Evans – where both are working. Mr Evans earns £30,000 and Mrs Evans earns £10,000. They have two children, aged two and five.

 

2011/12

2012/13

2013/14

Joint income

£40,000

£40,000

£40,000

Joint deduction for income tax and NIC

-£8,076

-£7,733

-£7,293

Child benefit/Tax credits

£2,297

£1,752

£1,752

Net income inc credits

£34,221

£34,019

£34,459

-Worse off/

Better off

 

-£202

£238

Source: PricewaterhouseCoopers

Other case studies:

Budget 2012: Impact on family earning £10K

Budget 2012: Impact on family earning £25K

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