Key measures the Chancellor announced yesterday include:
• a one-off non-taxable Cost of Living Payment of £650, made in two instalments, from the Department for Work and Pensions (and HMRC for Tax Credits customers) to provide additional support to more than 8 million people in receipt of income-related benefits. DWP will make a separate additional payment of £150 in September to claimants of certain disability benefits. On top of this, pensioner households will receive a one-off £300 Pensioner Cost of Living Payment to help them stay warm this winter
• a temporary Energy Profits Levy surcharge of 25% on the extraordinary profits the oil and gas sector is making. The levy will include a new ‘super-deduction’ style relief to encourage firms to invest in oil and gas extraction in the UK
• a doubling of support to £400 for household energy bills through an expansion of the Energy Bills Support Scheme. The full £400 payment will now be made as a grant, which will not be recovered through higher bills in future years
Further detail on the Chancellor’s Statement, supporting documents and guidance can be found on GOV.UK.
