New research shows many people have no idea they should be paying tax
Savers could be sleepwalking their way into a surprise tax bill with two in five thinking they don’t earn enough in interest to pay tax on their savings accounts, according to new research from Shawbrook. The research found that one in ten savers who have more than £20k+ in non-ISA savings accounts don’t believe they have enough in savings to worry about paying tax.
The research found that one in five savers do not know how the tax on their savings is calculated whilst 17% have never declared their interest earnt from their savings. This lack of understanding by savers could be costly. As interest rates remain high, many could, for the first time in their lives, earn over the PSA if they don’t take the steps to minimise this through tax-free savings accounts such as ISAs.
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