Tax and benefits: what's changed?
April marks the beginning on the new tax year, bringing changes to tax and benefits rates. Here's what it means for veterans born before 1950.
The rates for War Pensions and allowances have increased by 1.7% for 2020-21.
Changes to benefits for veterans
If you were injured as part of your time in the Armed Forces before April 2005 and are no longer serving, then the War Pension Scheme will compensate for this. The rates for War Pensions and allowances have increased by 1.7% for 2020-21.
Changes to the State Pension and benefits rates
The old State Pension has increased by £5.05 per week. You claim the old State Pension if you're a man born on or before 5 April 1951 or a woman born on or before 5 April 1953.
If you claim Pension Credit Guarantee Credit, this has increase by £6.50 a week for a single person and by £9.95 a week for couples. Pension Credit Savings Credit has increased by 24p a week for a single person and by 27p a week for couples.
If you look after someone who has a disability for more than 35 hours a week, then you could be entitled to Carer's Allowance. This has increased by £1.10 per week.
If you have an illness or disability that means you need help at home, you may be able to claim Attendance Allowance – extra money to make things easier. The higher rate has increased by £1.50 per week and the lower rate by £1.40.
Changes to savings limits
The ISA annual subscription limit for 2020-21 is unchanged at £20,000, meaning you can save up to £20,000 tax free.
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