Seven things that will cost you more after the Budget

George Osborne was triumphant in his Budget speech. The Conservatives, he explained, were going to tax us less, find us more jobs, and even give us a pay rise. What he failed to mention was the fact that they are also gong to cost us a small fortune - especially if you own a home or a car, plan to use your savings or investments as part of your retirement income, or want to have more children.

We reveal seven of the most common things that are going to cost more as a result of Osborne's Budget.

Living off your savings
George Osborne ditched the 10% dividend tax credit, and swapped it for a £5,000 tax-free dividend allowance plus three bands of tax on dividends. Richard Stone, Chief Executive of The Share Centre, explains: "For higher-rate tax payers, or those with more substantial portfolios this will be a potentially painful tax increase. The increase in the effective tax rate on dividends above the £5,000 allowance of 7.5% for each tax rate band will penalise investors with larger portfolios who are driving income from their savings. The government expects this measure to raise £6.8 billion over the next 5 years which is a tax on those investors."

Home insurance
The increase in insurance premium tax from 6% to 9.5% has been described as a stealth tax, as it will hit the 20.1 million people with contents insurance and 17 million with buildings insurance. It will increase home insurance by an estimated £9.48 - according to the Association of British Insurers. It also raises the risk that people will not buy insurance - and leave themselves vulnerable to burglaries, fires and floods.
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Car insurance
According to Consumer Intelligence, the decision to increase insurance premium tax from 6% to 9.5% means that insuring your car will get more expensive (an estimated £20 more - or £50 more for people under the age of 25). It warns that it will also lead to a rise in the number of uninsured drivers.

Driving an expensive new car
The way that road tax works will change (because emissions have come down so much that it's not making enough money from an emissions-based system). From 2017, most new cars will pay a flat standard rate of £140 a year for road tax regardless of emissions (unless they produce zero emissions in which case they fall into a different bracket). However, those buying a new car with a list price over £40,000 will have to pay an additional £310 on top of the standard rate - adding £450 to the list price of your new car.

Rent
The Budget outlined that there will be a restriction to the tax relief on mortgage interest for buy-to-let investors, so that from now on they will get only basic rate tax relief.

For many it means that the sums won't add up any more, so they face the choice of selling up or charging more in rent. Both moves are likely to push rent up across the board - because if too many landlords sell up, a shortage of properties will push rents up. It seems as though renters will pay the price of this tax grab.

Having children
If you plan to have more than two children - with the youngest born after April 2017, and any part of your finances rely on tax credits, then that third child is going to prove much more perilous to your finances than you may have expected. Part of the savage cuts to tax credits included the announcement that there will be no extra tax credits or housing benefit for any additional children after your first two. Higher tax credit and housing benefits for the first child will also be axed in 2017.

Going to university - from a low income family
From September 2017, student maintenance grants in England will be scrapped for new students. Instead they will have to take out another student loan of up to £8,200 per year to pay for their living costs. This will need to be repaid when graduates have annual earnings above £21,000, at which point they'll also need to pay off the student loan they took out to cover their fees. Young workers look set for an even tougher time.

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