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You find a savings account that pays well, you diligently save your money, you watch it grow… only to have the taxman come along and steal part of it from you.
And as savings rates have been much better in recent years, the amount HMRC is receiving in tax revenue from savings has increased significantly.
According to estimates, this figure will only rise to £10.37 billion in 2024/25, up from £6.6 billion in 2023/24 and £1.2 billion in 2021/22.
So how can you avoid the trap? This week, Georgie Frost, Helen Crane and Lee Boyce look at this growing income generator.
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It also means that taking advantage of ISAs is key, and we are very interested in a tax-free account in particular.
Continuing with savings, this week Helen explains the case of a Barclays client who suffered a stroke (he recovered better than expected) but was then locked out of his account with £100,000 in it for almost a year.
There is an epidemic of mobile phone theft in the country, but what are criminals really after? Is it the phone or something else?
We explain it all, along with businessman and This is Money columnist Dave Fishwick, who interviewed one of the gang’s leaders.
And continuing with Dave… he gives his opinion on what should happen after the July 4th general election in the North.
It’s not just our phones that are being stolen – car theft is also on the rise. A former police interceptor gives his advice on how to keep your vehicle safe.
Finally, what is the magic salary number to make you feel rich? Recruiter Indeed thinks it has found the answer…
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