Paul Lewis: November money news
Contactless card limits set to rise, energy standing charges drop, winter fuel payments taken away and it’s Will Aid month.
Contactless card limits set to rise, energy standing charges drop, winter fuel payments taken away and it’s Will Aid month.
Everyone who was aged 66 by 21 September will get a Winter Fuel Payment (Pension Age Winter Heating Payment in Scotland) this month or next. But those with taxable income of more than £35,000 in 2025/26 will have it taken back.
That will normally be done by increasing the monthly tax they pay on their other income by one twelfth of the payment they received, adding £16.67 a month from April for those who get the standard £200, or £25 extra for those over 80 who get £300 (in Scotland, amounts are £203.40 and £305.10).
Couples will normally get half those payments each. The income test is applied individually. If only one has an income above £35,000 they will have their half recouped, but the person they live with will not.
People who already fill in a self-assessment form will repay the whole amount with their 2025/26 tax return due by 31 January 2027.
Read more from Saga Money about the latest winter fuel payment rules and the scam you need to be aware of.
The £100 limit on contactless payments by debit or credit card is expected to be removed from next year.
The Financial Conduct Authority said in future, banks will be able to set their own limit – or remove it altogether. That would make contactless payments with a card the same as those made using a digital wallet on a mobile phone, which have no set limit.
The banks have said that any money spent after a card is lost or stolen will continue to be refunded just as it is now.
Read more from Saga Money about the change to contactless payments and whether your payments will be safe.
By January, energy suppliers in England, Scotland, and Wales must offer customers the choice of a tariff with a reduced standing charge, expected to be about half the current amount of around £16 a month for electricity and £10 a month for gas.
The tariffs with reduced standing charges will cost more per unit of electricity or gas used, so they will only be cheaper for some low users and the very lowest users will be excluded.
Find out how to cut your energy bills.
Do you have a will? If you do, have you reviewed it recently to take account of changes in your life?
If you are now married, any earlier will is invalid (except in Scotland). November is Will Aid month when solicitors throughout the UK make a basic will free – in exchange for a donation to charity of £120 for one will or £200 for a couple.
It is important to have a valid up-to-date will so your property and money is divided among your loved ones as you wish. And much safer to have your will made by a solicitor than an unregulated will-writer or a do-it-yourself form.
Read more from Saga Money about the times when you really need to update your will as well as the 6 things you need to do to make sure your will is properly updated.
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