“Easy-access savings rates at highest UK level since 2009”

Last week’s Budget/Financial Statement will mean that many with shares who currently don’t, will have to start completing a tax return. World Economic Conditions/The Previous PM and Chancellor/Delete As Applicable, and the resulting rise in interest rates will take still more into the clutches of the HMRC’s annual torture, a rather less-trailed cause and effect. If you have more than around £50,000 in the average instant access account, or £25,000 on a decent fixed-rate, you’ll be earning more than the £1,000 interest rate allowance (£500 for high rate taxpayers). Which means you’ll have to declare it and fill in a tax return. This will, again, sneak up on a lot of people, and cause more than a little stress, I’d wager, for the conscientious. Cash ISAs, which, with next-to-nothing interest rates have not been worth the bother, now are; but remember, despite appearances, stocks and shares always do and will again rise to the occasion, and still be the long-term inflation beaters. Keep the faith.

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