The number of savers facing paying £5,000 or more in income tax on their savings interest will soar to 144,000 this financial year, a Freedom of Information request by Paragon Bank warns.
HMRC forecasts 144,000 people will pay a minimum of £5,000 in the 2026/7 tax year, a 173 per cent increase in just four years, the FOI reveals.
In 2022/23, just 52,700 individuals faced a tax bill above this amount.
Our analysis shows on a savings account paying 4 per cent, a big bill like this would require a basic-rate taxpayer to hold roughly £650,000 in savings.
For higher-rate taxpayers it is £325,000 and
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