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UK workers earning over £17,500 may lose tax-free savings interest, facing unexpected tax bills.
UK workers earning over £17,500 may face unexpected tax bills on savings interest.
While up to £5,000 in savings interest is usually tax-free, this benefit decreases with higher earnings.
Once income exceeds £17,570, the tax-free savings allowance is lost.
Savers must consider their total income to avoid surprises, especially with recent attractive savings rates.
The Personal Savings Allowance, ranging from £1,000 for basic rate taxpayers to none for higher rate taxpayers, also impacts tax liability.
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Los trabajadores del Reino Unido que ganan más de £17,500 pueden perder intereses de ahorro libres de impuestos, enfrentando facturas de impuestos inesperadas.