Chancellor Rachel Reeves has announced an increased tax on savings and personal finance expert has explained when people will pay

Martin Lewis this afternoon issued a warning to all savers - and said people could end up paying more tax after today’s Budget . Chancellor Rachel Reeves this afternoon announced that anyone who crossed the threshold will pay more tax in the November Budget.

In documents released for the budget the Treasury confirmed tax rates on savings income will be increased by 2 per cent at the basic, higher and additional rate from 6 April 2027 and the Starting Rate of Savings limit will me maintained at £5,000 from April 2026 to April 2031

Mr Lewis said: “Additional 2% tax on savings (and property and dividends)T. So if you pay tax on savings (ie more interest ab

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