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Martin Lewis details how savers can get £18,570 tax-free in the 'right circumstances'
joined by experts in the field of taxes on the latest episode of the The Martin Lewis Podcast. They were there to answer some listeners' burning questions, and tax guru Rebecca Benneyworth was among those on the panel.
One caller, Angus from Derby, explained how he'd desperately researched every avenue available to him before turning to Martin Lewis for help with the starting rate for savings tax allowance, which is £5,000 for people on low income, allowing them that additional savings completely tax-free. I’ve got a relatively low income for a few years until my state pension kicks in or I take some money out of my private pension plan but I’ve got relatively high savings.” Martin interjected, excitedly noting that Angus is in a “sweet spot for the starting savings rate”. Then once you hit tax, your first £5,000 worth of savings is subject to a starting rate which is a lovely round number of zero.”
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