Now that the
UK Conservative Party had taken over majority of the parliament’s seats, it’s
time to think long term with a better outlook for your finances. So what does
it actually mean for you?
According to
Yahoo! Finance’s Felicity Hannah’s list, six things could change.
Taxes – will mean
Tories would do good to raise personal allowance to £12,500 with an increased
40% tax threshold with £50,000. However, there’s no value-added tax.
Housing
Market- first-time home buyers would mean Help-To-Buy ISAs. For every buyer’s
deposit in the ISA, they get a £50 state-sponsored top-up for every £200 they
save. This allows them to have a maximum payout of £3000.
Pensions-
would include new retirement rules which allow 55 year olds and over access to
their pension pots without any restrictions. While UK regulators have warned
plenty of retirees to watch out for sharks, this should go ahead.
Benefits-
Labour and the Liberal Democrats have promised to increase the benefits for UK
employees. The Tories have a different plan in mind. They can lower the
household benefit cap from £26,000 to £23,000.
Childcare-
parents will now receive up to 30 hours of free term-time childcare a week for
three to four-year-old kids.
