You are here: Home - Saving-Banking - News -

Benefit cap rolled out across Britain

Written by:
The cap on benefit has today been rolled out across most areas in England, Scotland and Wales.

The cap sets a limit on the welfare payments that an individual can receive. 

It applies to people receiving jobseeker’s allowance, child benefit, child tax credits and housing benefit and will see couples and single parents receive a maximum of £500 while single people will only receive £350.

Housing benefit will be reduced to prevent the total benefits received going above these limits.

The cap applies if you are out of work and claiming benefits such as income support, employment and support allowance and jobseeker’s allowance.

The cap will not apply to you if you work enough hours to be eligible for working tax credit, if you receive certain disability benefits and a few other exemptions.

Child maintenance payments will not be included in the cap.

The Department of Work and Pensions estimates that around 40,000 households will be affected by the cap.

Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Big flu jab price hikes this winter: Where’s cheapest if you can’t get a free vaccine?

Pharmacies, supermarkets and health retailers are starting to offer flu jabs ahead of the winter season, but t...

Is now the time to fix your energy deal?

Fixed energy tariffs all but disappeared during the energy crisis. But now they are back with an increasing nu...

Everything you need to know about the pension triple lock

Retirees are braced to receive another bumper state pension pay rise next year due to the triple lock mechanis...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

The best student bank accounts in 2023: Cash offers, tastecards and 0% overdrafts

A number of banks are luring in new student customers with cold hard cash this year – while others are compe...

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Money Tips of the Week