The situation around tax on savings 'really has changed very much' in the last few years
Money Saving Expert founder Martin Lewis has sent out a tax warning to savers after revealing how the shifting landscape of savings interest rates could impact bank balances. With savings account interest rates jumping from about 1 percent to around 5 percent, many who have stashed away £10,000 might be liable for tax due to exceeding their Personal Savings Allowance—the amount you can earn in savings interest before tax is owed.
' READ MORE: Martin Lewis shares millions could get 'easy' refund for overpaying student loan For higher earners taxed at 40 percent, just £500 of interest is tax-free, while those with an income above £125,000 do not receive this allowance. Martin Lewis has sounded an alarm for savers, detailing what the implications could be.
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