UK set for big money changes in June from DWP benefits rise to new bank notes

There are several money changes coming in to place next month that you need to be aware of - from changes to benefits, interest rates and new fines.

June 1 - Multiple Dwellings Relief tax break scrapped Multiple dwellings relief is a reduction on the tax that must be paid on the purchase of a property in England and Northern Ireland, known as Stamp Duty Land Tax . The relief is designed to reduce stamp duty when more than one “dwelling” forms part of a single purchase and has been around since 2011.

June 10 - Cat owners could be fined up to £500 All pet cats in England must be microchipped by 10 June 2024. The new rules mean that cats must be microchipped before they reach the age of 20 weeks. This also includes indoor-only cats. June 28 - Changes to Debt Relief Orders From the end of June, the rules for getting a Debt Relief Order will change. From June 28, The total amount of debt a DRO can cover is also changing, with the maximum value threshold rising from £30,000 to £50,000. Alongside this, the maximum value of a vehicle that a person can retain with a DRO is also rising from £2,000 to £4,000.

Universal Credit is calculated based on your circumstances each month and these are called your "assessment periods" - if your circumstances change within the assessment period then the amount of Universal Credit you get that month could also change. So if your assessment period started before the April 8 rise, you will have seen the benefits rise in May. However, those whose assessment period started after won't see it until June.

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