Martin Lewis explains how savers on low-income could get £18,570 tax-free

Money Saving Expert founder Martin Lewis teamed up with tax pros on his latest episode of The Martin Lewis Podcast to address some burning questions from the public.

With a modest income until his state pension or private pension come into play and a hefty amount in savings, Angus was puzzled about the starting rate for savings tax allowance, which is £5,000 for those on the lower end of the income scale, allowing them to save that bit extra without the tax hit.He shared: "I'm in a situation where I've been lucky enough to retire a couple of years before retirement age.

Chipping in further, Martin said: "This is for anyone with relatively low income and high interest effectively. You may be able to get up to £18,570 without paying any tax on it." The personal allowance is a set amount that everyone can earn each tax year without having to pay income tax. This includes income from interest or employment.

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