top of page

UK Rising Cost of Living Support Measures

  • Farrell & Farrell
  • May 26, 2022
  • 1 min read

The Chancellor, Rishi Sunak has today announced a number of support measures to help with the rising cost of living. Millions of households across the UK will benefit from the new £15 billion support package. We have summarised the key points below:-

  • Households will receive a £400 grant to help with the rising cost of energy bills, this replaces the previously announced Energy Bills Support Scheme loan of £200 and does not have to be paid back. This applies for households in England, Scotland & Wales. Equivalent support will be available in NI however details have yet to announced.

  • The Government will make a one-off tax free payment of £650 to UK households on means tested benefits.

  • Pensioner households across the UK in receipt of winter fuel payments will be given an extra one-off payment of £300.

  • Individuals receiving disability benefits will receive a one-off tax free payment of £150 in September. Disability benefit recipients also on means tested benefits will get the £650 Cost of Living payment as well.

  • To support people who need additional help, the Government is providing £500 million of local support via the Household Support Fund, which will be extended from October 2022 to March 2023.

  • New temporary Energy Profits Levy on oil and gas firms will raise around £5 billion over the next year to help with cost of living


Recent Posts

See All
UK Spring Statement 2025

Please find attached a detailed summary of the UK Spring Statement as announced yesterday by the Chancellor, Rachel Reeves. If you have...

 
 
 
UK: Bank of England interest rate

The Bank of England has announced that it will maintain the UK interest rate at 4.5%. #FarrellAndFarrell #crossbordertaxadvisors...

 
 
 

Comments


FFLOGO.png
FFLOGO3.png
NEW CIOT LOGO copy.png

35 Main Street
Hilltown
Newry
County Down
BT34 5UJ

Tel:      028 4063 0876

Fax:     028 4063 2648

Email:  info@farrellca.com

  • Facebook - Black Circle
  • Twitter - Black Circle
  • LinkedIn - Black Circle

Farrell & Farrell CA Limited (trading as Farrell & Farrell) is registered in NI with registration number NI 639336. Registered with The Chartered Institute of Taxation as a firm of Chartered Tax Advisers. Registered to carry on audit work and regulated for a range of investment business activities by Chartered Accountants Ireland (CAI). Details about our audit registration can be viewed at www.auditregister.org.uk under reference number 3044856.

bottom of page