Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

UK households face huge hike on council tax bills from April

UK households



In the latest budget, Chancellor Rishi Sunak announced councils could hike rates by up to 3% without having to hold a referendum

The cost of living crisis shows no sign of easing up as households face a huge price hike on their council tax bills from April.

Last year, local authorities were given the green light to increase the levy by up to 5%.

In the latest budget, Chancellor Rishi Sunak announced councils could hike rates by up to 3% without having to hold a referendum.

In addition, an extra 2% is ring fenced for adult social care.

Some councils may add more to the adult social care portions, as it can be carried over from last year.

Any new council tax rates always take effect from the start of April, to coincide with the new tax year.

Councils across the UK are now starting to confirm how much residents will see their bills increase by in just over a month, with these new rates to remain in place until March 2023.

Surrey County Council and Lincolnshire County Council have approved separate 4.99% rises, while people living in Lancashire, Buckinghamshire and Southend will see rises of 3.99%.

Households in Worcestershire will see bills go up by 3.94%, and a 2.99% hike has been proposed in West Sussex, Kent, Suffolk, Liverpool, Stoke on Trent, Leeds, Derby, Luton and Islington.

East Sussex County Council has agreed a 1.99% council tax increase.

As each council is in charge of setting their own rates, residents will need to check the website of their local authority to see if they have proposed a council tax rise yet.

The amount of tax residents will pay is determined by their local council and will depend on what band a home falls under.

Every property is placed into a council tax band, which is based on the value the home would have been worth in April 1991.

The more expensive a property is, the higher the amount of council tax residents will be charged.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.



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