ITV's Martin Lewis issues warning to people with £10,000 savings

ok.co.uk:

Martin Lewis, the well-known money saving expert, has delivered a stark warning to Britons harbouring savings, indicating they could be slapped with a significant tax demand.

Specifically spotlighting individuals with £10,000 put away, Lewis highlighted that they might find themselves owing cash to the taxman due to current interest rates offered by banks.

On air during The Martin Lewis Money Show Live on ITV, he pointed out that the landscape for taxation on savings "really has changed very much" in recent years.This is due to the fact that savings account interest rates have rise from around one percent to approximately five percent.

While this boost seemingly benefits savers, it also acts as a double-edged sword, increasing the number of people whose savings interest is susceptible to tax.