alert

Martin Lewis has explained the personal savings allowance and when basic rate taxpayers with over £22,000 in savings could pay tax on interest earned

Martin Lewis has issued a tax alert for savers, with a particular warning for those holding more than £11,000 or £22,000 in savings, depending on their tax bracket. On his ITV programme this week, Mr Lewis provided savers with guidance on structuring their savings to prevent unnecessary tax charges on interest.

He began by explaining the personal allowance, which permits anyone to earn £12,570 before any tax is levied. This threshold has remained frozen since 2021, and last November Chancellor Rachel Reeves controversially extended this freeze until 2031.

The freeze has faced criticism for creating ‘fiscal drag’, meaning more of the lowest earners in the country now pay tax as inflation and wage rises leave them with less disposable income whilst facing higher taxation.

On this he said: “The first one, the personal allowance, £12,570 a year that you can earn from any source, earnings, rent, savings, interest without paying tax on. Most people get that unless you start earning over £100,000 when it’s taken away.”

Starting Rate for Savings Tax.

Mr Lewis said: “The next one not that many people know about is called the starting rate for savings. This is another £5,000 of savings. savings interest you can earn a year on top of the personal allowance. And this is designed for people who have low work earnings but high interest on savings. Often people who are retired. And here’s how it works.

“For every pound of earnings you earn above this allowance, you lose a pound on your starting savings rate. So imagine you earn £13,570. You’re a £1,000 above that. You can now only have £4,000 of tax-free interest in your savings due to the starting savings rate. And by the time you earn from work £17,570, this is gone. So it’s only for people on low work earnings and high interest on savings.”

He previously outlined that those in the ‘perfect circumstance’ would receive £12,570 from earned income. Mr Lewis explained the individual would then gain £5,000 through the starting savings allowance, plus £1,000 from the personal savings allowance on top ‘because they all go on top of each other’.

He added: “You could earn £18,570 a year tax-free with £12,570 of it coming from work or other sources, and another £6,000 of it coming from savings. I hope that makes sense. The main two for most people are the personal allowance and the personal savings allowance, but for those on lower incomes, it’s worth reading the starting savings allowance guide that’s our money saving expert just so you really understand it.”

Personal savings allowance

Mr Lewis described this as the ‘big one’ and said: “Next, we get the big one that many of you will know about, the personal savings allowance. And this is on top of those two. This is the fact that a basic rate taxpayer, 20% taxpayer, can earn £1,000 a year of interest in any form of savings at all without paying tax on it. Now, the top savings accounts at the moment pay about 4.5 per cent. So, you need about 22,000, just a little over £22,000 in the top savings account before you earned £1,000 interest.

“So, if you got less than that, you’re not going to be paying tax on your savings interest because it’s tax free. High rate tax because it’s within your personal savings allowance. High rate taxpayers pay £500 a year of interest they can make each year tax free. It’s about £11,000 saved at the top rate.

“If you’re an additional rate taxpayer earning over £125,000, you don’t get one of these. So, you got your personal allowance, your starting rate for savings, and on top of that up to another £1,000 in your personal savings allowance.”

For the 2025/26 tax year, the UK Personal Allowance stays at £12,570, with a 20% basic rate (up to £50,270), 40% higher rate (£50,271-£125,140), and 45% additional rate (over £125,140) applying to England, Wales, and Northern Ireland.

ISAs

Mr Lewis stated that this week’s show was focused on ISAs, explaining: “You can put up to £20,000 a tax year in, as you know. And crucially, the interest earned in a cash ISA does not count towards the personal allowance, does not count towards the starting rate of savings does not count towards the personal savings allowance. It is totally separate from that. So, anything you earn in there is not taxable. I should note premium bonds work roughly the same way, but it’s not an annual allowance. It’s a maximum £50,000 you can put in in total. Those are the main ways that you can save without paying tax on them.”

March 1 (Asia Today) — Japan is closely monitoring the risk of a potential blockade of the Strait of Hormuz as tensions surrounding Iran intensify, with officials and media warning of possible energy supply disruptions similar to those faced by South Korea.

Japan relies on the Middle East for about 90% of its crude oil imports, most of which passes through the narrow waterway connecting the Persian Gulf to global markets. South Korea imports roughly 70% to 90% of its crude from the same region, making both economies vulnerable to prolonged instability.

Japanese newspapers including The Asahi Shimbun and The Yomiuri Shimbun reported Saturday that shipping traffic in the strait has already been affected following recent U.S. and Israeli strikes on Iran. According to Asahi, Iran’s Revolutionary Guard has broadcast warnings to vessels transiting the strait, prompting some tankers to halt operations or reroute. British maritime authorities said several ships reported receiving notifications that the waterway was “blocked,” though the actual status could not be independently confirmed.

About 20 million barrels of crude oil pass through the Strait of Hormuz each day, making it one of the world’s most critical energy chokepoints. The Yomiuri said roughly 80% of tankers bound for Japan transit the strait, raising concerns that a prolonged disruption could lead to supply shortages and sharp price increases.

The Japanese government convened a National Security Council meeting Friday night to assess the situation, focusing on the safety of Japanese nationals and potential economic fallout. The Foreign Ministry issued an advisory urging about 200 Japanese citizens in Iran to consider evacuation while commercial flights remain available.

Japan’s trade ministry said the country holds combined public and private petroleum reserves equivalent to about 254 days of domestic consumption as of the end of December, providing a short-term buffer against supply shocks. However, media outlets warned that stockpiles would not shield consumers from rising fuel costs.

On commodity markets, West Texas Intermediate crude has risen about 17% over the past two months, with the April contract settling at $67.83 on Feb. 27, the highest level in six months. Japanese analysts cited projections that oil could exceed $100 per barrel if Hormuz traffic is severely disrupted, potentially shaving 0.3% to 0.6% off Japan’s gross domestic product.

Analysts note that South Korea shares similar structural exposure, as most of its Middle Eastern oil imports also pass through Hormuz and the Strait of Malacca, underscoring the broader regional economic risks tied to escalating tensions.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260301010000068

Health officials in Spain have reported 82 cases of mpox clade Ib

British holidaymakers travelling to a popular destination have been advised to take “extra precautions” following a surge in cases of an infectious disease. Spanish health authorities have confirmed 82 cases of a particular strain of mpox.

Travel Health Pro stated: “As of 17 February 2026, a total of 82 cases of mpox clade Ib have been reported in Spain. 62 of these cases have been reported in men who have sex with men (MSM).” The organisation added: “Take extra precautions.”

The Ib variant is believed to spread more easily than the clade II strain which sparked an outbreak across the UK in 2022. Mpox, formerly known as monkeypox, can be transmitted between individuals through direct physical contact with mpox blisters or scabs.

After contracting mpox, symptoms typically emerge between five and 21 days following infection. Initial signs may include a high temperature, intense headaches, muscle pains and backache, along with swollen glands, chills, extreme fatigue and joint discomfort.

A rash may appear anywhere on the body between one and five days after symptom onset. The World Health Organisation (WHO) warns that very young children, pregnant women, and individuals with weakened immune systems, particularly those with uncontrolled HIV, are at heightened risk of severe complications from mpox, which can be life-threatening.

Throughout 2024, several African nations have been grappling with an outbreak of clade Ib mpox cases. Concurrently, imported instances have surfaced in a range of countries, including Belgium, Canada, France, Germany, Sweden, and the United States.

The NHS recommends contacting 111 if you exhibit any symptoms of mpox and have travelled to central or eastern Africa within the past three weeks, especially if you’ve had close contact with an individual showing signs of mpox.

The health organisation emphasised that whilst the condition is “rare”, there are measures you can take to minimise your risk of contracting it and transmitting it to others. These include:

• Get vaccinated if you’re offered the mpox vaccine
• Wash your hands with soap and water regularly or use an alcohol-based hand sanitiser
• Look out for any possible symptoms of mpox for three weeks after returning from central or east Africa
• Talk to sexual partners about their sexual health and any symptoms they may have
• Be aware of the symptoms of mpox if you’re sexually active, especially if you have new sexual partners
• Take a break from sex and intimate contact if you have symptoms of mpox until you’re seen by a doctor and are told you cannot pass it on
• Do not share bedding or towels with people who may have mpox
• Do not have close contact (within one metre) with people who may have mpox
• Do not go near wild or stray animals, including animals that appear unwell or are dead, while travelling in central or east Africa
• Do not eat or touch meat from wild animals while travelling in central or east Africa

According to the UK Health Security Agency (UKHSA), the first case of mpox clade Ib infection was confirmed in the UK on 30 October 2024. Up to 31 January 2026, 25 cases of were reported.

It said: “To 31 January 2026, most of these cases have reported direct or indirect links to travel to countries where mpox clade Ib is circulating.”

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