ITV's Martin Lewis told people about the looming deadline
Martin Lewis has issued an urgent plea to everyone who has cash savings before a looming deadline which could land you in trouble with HMRC if ignored.
The taxman can take a bite out of your savings, especially if you have relatively large sums in the bank, Martin urged his listeners, but you still have until March 31 to remedy the issue.Martin explained that the deadline for paying into a Cash ISA will land on April 5, before the new tax year begins on April 6, 2024, which is just over two weeks away.
For lower rate taxpayers , you can earn £1,000 of interest before you pay tax on it. For higher rate , you can only earn £500 interest, and at the highest bracket of income you have no Personal Savings Allowance at all, ie pay tax on any savings interest. Martin told his listeners: "How much money would you have to have in there to earn a grand's worth of interest?
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