More of us are falling into the savings tax trap - is it fair?

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 28 June 2024

⏱️ 72 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

You find a decent paying savings account, diligently squirrel away your money, watch it grow… only for the taxman to come along and swipe a chunk.

And since savings rates have been much better in recent years, the amount HMRC is taking in in savings tax revenue has gone up significantly

It's only going to increase according to estimates, to the tune of £10.37billion in 2024/25, up from £6.6billiion in 2023/24 - and £1.2billion in 2021/22.

So, how can you dodge the trap? This week, Georgie Frost, Helen Crane and Lee Boyce look at this growing revenue spinner.

It also means taking advantage of Isas is key - and we're very keen on one tax-free account in particular.

And sticking with savings, this week Helen explains the case of a Barclays customer who had a stroke - recovered better than expected - but was then locked out of his account with £100,000 in it for nearly a year.

There is a mobile phone swiping epidemic in the country - but what is it the criminals are really after? Is it the handset, or something else?

We explain all, alongside businessman and This is Money columnist Dave Fishwick, who interviewed one of the gang leaders.

And sticking with Dave... he gives his views on what needs to the happen after the general election on 4 July for the North.

It's not just our phones being stolen… motor theft too is on the rise. A former police interceptor gives his tips on how to keep your vehicle safe.

Lastly, what is the magic number of salary to make you feel rich? Recruiter Indeed believes it has found the answer...

Transcript

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0:00.0	Welcome to This Is Money podcast, sponsored by Charles Stanley Direct.
0:05.8	I'm Georgie Frost and joining me and Lee Boyce today is Helen Crane.
0:09.5	And coming up, healthier savings rates in recent years.
0:12.4	Hasn't just been welcome news for you and I.
0:14.7	HMRC has been raking it in.
0:17.0	So how can you beat the tax trap?
0:19.5	Crane is back on the case for a man who had a stroke and couldn't access his £100,000 savings pot.
0:26.4	Also today, the Bank of Dave lifts the lid on the phone swiping epidemic in a shocking gang interview.
0:33.1	This is Money talks to an ex-police interceptor to get their top tips on how to protect your car from motor thieves and what's your magic number for feeling rich.
0:43.6	Don't be getting this update with all the latest breaking money news just to go to this ismoney.co.com.com or download the app.
0:50.2	I'm Lisa Kaplan from Charles Stanley Direct. I spent 15 years helping people understand their finances with clear, jargon-free language.
0:59.0	People often ask me whether they have enough to retire, what to do about inheritance tax, or how best to invest.
1:06.0	Often, it's a simple question that one of my expert team can answer straight away. And we would love to
1:12.0	help you too. Contact us for a free 15 minute chat at coaching at charles dash stanley.com.
1:18.7	Investment involves risk. But first, you find a decent paying savings account. You diligently
1:25.2	squirrel away your money, watch it grow, only for the tax man's
1:28.8	come along and swipe a chunk. And since savings rates have been a lot more robust in recent years,
1:35.4	the amount HMRC is taking in savings tax revenue has gone up significantly. And it's only going
1:41.1	to increase, according to the expectations, to the tune of 10.37 billion in 2024, 25, up from 6.6 billion in 2324.
1:52.0	Welcome, Helen, welcome Lee. Lee, why are our savings taxed?
1:57.9	That's a very good question, Georgie. And really what it boils down to is the government doesn't
2:03.7	want you to hold too much in savings. It's not great for the economy. You know, they want you
	...

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