Savers could get caught out(Image: Getty Images) A tax expert has issued a warning to savers after the rise in interest rates. Andy Wood from Tax Natives has spoken about what he called the tax trap linked to rising interest rates and the Personal Savings Allowance (PSA) and stressed the need for awareness to prevent tax payments on savings. He said: “As rates go up, savers need to be mindful of their Personal Savings Allowance (PSA). More people are at risk of surpassing their PSA limits of £12,570 and unintentionally facing unnecessary taxes on their savings interest. This is […]
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