As a new month begins, Scots should be aware of several important financial changes coming in February.
Some people will be eligible for payments being offered by the Department for Work and Pensions (DWP) in the next 28 days. As well as the payments, there are deadlines to remember too, as well as new interest rates and inflation figures that will also be announced.
Those eligible will receive a final cost of living allowance of £299, while others can still benefit from the Warm Home Discount programme. Time is also running out for those living with couples with children to claim bereavement benefits retrospectively.
Finally, there’s also an unwelcome price hike for Amazon Prime Video users. Read below for six reported financial changes coming in February Birmingham Live.
Six financial changes coming in February
1. Pay the cost of living
The third and final cost of living payment is £299 and will be sent to most eligible people between 6 February and 22 February. They must be eligible to receive a payment for the eligible benefit between November 13 and December 12 to receive the cost of living cash.
You may be entitled to a final cost of living payment if you received any of the following tax benefits or credits on certain dates:
- Income-based Jobseekers Allowance (JSA)
- Employment and Earning-Related Support Allowance (ESA)
- Income support
- Trust retirement
- Universal Credit
- Child tax credit
- Work tax credit
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2. Warm Home Discount Deadline
You can get £150 off your electricity bill for winter 2023 to 2024 under the Warm Home discount scheme. The money won’t be billed to you – it’s a one-time rebate applied to your electricity bill between early October 2023 and March 31, 2024.
If you live in Scotland, you are eligible if you:
- Get the credit guarantee component of pension credit
- You are on a low income in Scotland and meet your energy supplier’s criteria for the scheme
3. Deadline to claim the retrospective bereavement payment
The Department for Work and Pensions (DWP) has changed the rules around bereavement benefits. Now, cohabiting couples who have dependent children are also eligible, which they weren’t before.
It is possible to defer claims, but people only have until February 8, 2024 to apply – after this date, they may not receive the full amount of payments due.
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4. Consumer Price Index numbers
The Office for National Statistics (ONS) will release its next Consumer Price Index (CPI) figures on 14 February.
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5. Maximum energy prices
From 1 January to 31 March 2024, the maximum energy price is set at £1,928 per year for a typical household that uses gas and electricity and pays its bills by direct debit.
This will raise the price cap from £1,834 to £1,928 per year and the next price cap – from 1 April onwards – will be announced in February. The rate cap doesn’t represent an overall limit on how much people can pay for energy — rather, it sets unit rates for gas and electricity, as well as standing charges.
6. Amazon Prime Video
Starting February 5, 2024, a “limited number of ads” will be shown on movies and TV shows watched through Amazon Prime Video. This is the case whether you pay for the full Prime membership at £8.99 per month / £95 per year or the Prime Video-only package at £5.99 per month.
It will also apply to subscribers to a free 30-day trial of Amazon Prime and student memberships.
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