Ndubuisi 'Andy' EgwimMoney Coach for Medics|Ex-NHS GP|21+ Yrs Investor| Founder, MoneyWiseDoctor.com|Helping Medics Avoid Big Money Mistakes

Taxes You DON'T Know You're Paying!

16 Feb 2026 · 1 min

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In this brief informational segment, the speaker highlights common taxes that many people overlook. First, any interest earned on savings that exceeds the Personal Savings Allowance (PSA) is taxable, meaning savers who earn more than the PSA must pay income tax on the excess interest. Second, investment gains are subject to Capital Gains Tax (CGT): if an individual invests, for example, £20,000 and earns £10,000 in profit, only the portion of the gain above the annual CGT exemption (£3,000 in the example) is taxable. The speaker uses simple numerical examples to illustrate how these hidden tax liabilities arise, emphasizing that many taxpayers are unaware they are already paying these taxes.

Chapters

Unfortunately, most people have no idea that they are even paying some of the taxes they're paying. That's a challenge. Many people don't even know some of the taxes that they already paid. If you save above your psa, then any interest above that psa, you've got to pay tax on it. Now if you invest your money and you get a return on investing, let's say you invested 20k and you made 10k. Now anything in your returns above 3000, that's a capital gains allow make income above 3000, you've got to pay capital against tax.