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Evening Standard
Evening Standard
August Graham

Fact check: Savers have long had to pay tax if earning more than £1,000 interest

Martin Lewis HMRC Income Tax
To pay tax on interest, someone with £10,000 in savings would need to be a higher rate taxpayer and have their savings in an account with over 5% in interest. (Dominic Lipinski/PA) - (PA Wire)

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”.

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