personal finance

Universal Credit & Child Benefit will rise in 2020 – which other benefits will increase?

If a person or their partner’s individual income is greater than £50,000, then they may be taxed on this benefit, known as the High Income Child Benefit Tax Charge.

Meanwhile, the state pension is set to rise by 3.9 percent next year – the largest increase in eight years.

This is under the triple lock, which ensures the state pension rises by the highest of 2.5 percent, the average rise in earnings, or inflation.

The full weekly rate of the basic state pension would rise by £5.05 per week, from £129.20 to £134.25 per week.


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