Martin Lewis cautioned savers that may be losing some of their hard-earned cash to tax unnecessarily
Martin Lewis tackled tax in the latest episode of the Not the Martin Lewis Podcast, briefing listeners on the number of fan-led questions he would be looking at with his panel of experts. The Money Saving Expert highlighted one “little known” tax he’d be explaining: The starting rate of tax for savings.
“This is for anyone who has relatively low earned income and high interest, effectively you may be able to get up to £18,570 without paying tax on it,” he explained. When one fan, Angus from Derby, called in with his personal predicament having just recently retired before the state pension age, Martin noted he is in a “sweet spot” to make the most of this rate.
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