Martin Lewis shares 'biggest' savings warning for anyone with more than £10,000

manchestereveningnews.co.uk:

Financial guru Martin Lewis has highlighted how individuals with substantial savings can avoid paying tax. The founder of MoneySavingExpert.com warned that those with more than £10,000 could be susceptible to taxation on their nest egg.

In a recent briefing, Martin Lewis drew attention to the traps many fall into, resulting in an unwanted tax bill from HMRC on their hard-earned savings.

Addressing concerns on his platform, the finance whizz noted the potential issue for earners between £12,500 and £50,000 a year who might breach the personal savings allowance limit.

He explained that savers within this band would start paying tax on interest after amassing over £20,000 in their accounts. Furthermore, Martin Lewis pointed out that if you're taxed at 40 per cent — typically on an income ranging from £50,000 to £125,000 — the threshold before tax kicks in stands at £10,000 savings.