A widely shared video on social media claimed that the Government is “now going to tax you if you have savings of over £10,000”.

Rating

The Government does not tax people on their savings, but the interest earned on savings has long been eligible for income tax. Under the current rules – introduced in 2016 – a higher rate taxpayer must pay income tax on any interest they earn above £500 each year. That means that if they have £10,000 in a savings account with a 5% interest rate they will be eligible to start paying tax.

Reviewed by PA Media ↗ · December 13, 2024