Chancellor George Osborne has anounced changes to Child Benefit and personal income tax allowance in today’s Budget.
Child Benefit, currently worth £20.30 a week for your first child and £13.40 each for any more children, is to be scrapped for households earning more than £60,000.
It will be phased out when one parent in a houshold has an income of more than £50,000. For every £100 earned over £50,000, it will drop by 1% .
The centrepiece of Budget 2012 is the increase in the tax-free personal allowance. From April 2013, the personal income tax allowance is to be £9,205. This will make 24 million people better off by £220 a year, reports the BBC.