Martin Lewis issues savings warning for anyone earning under £50,000

manchestereveningnews.co.uk:

Martin Lewis has issued a warning today to people with savings as he explained how people could incur taxes on cash they’ve squirrelled away.

In a new post on X the personal finance guru said anyone earning between £12,500 and £50,000 a year could fall foul of the personal savings allowance limit if they’ve got money stashed away.

Mr Lewis was speaking out about savings and how people can pay less tax legally and morally through legitimate government schemes.

He explained that people don’t pay tax on their actual savings - rather it’s on the interest they gain on them. He explained that people who already pay tax will also get taxed on their savings interest if it goes above a certain level.