A record number of higher earners will pay income tax on interest from their savings accounts this year, data from HM Revenue & Customs shows.
HMRC said 2.1million higher and additional rate taxpayers were on track to pay income tax on their interest on cash savings in 2026-27.
In 2022-23, some 658,000 higher earners across Britain were hit with bills on their savings interest – meaning the amount has more than trebled in just four years.
Frozen tax thresholds and higher interest rates have pushed more people into paying income tax on the interest they earn on cash savings.
Higher rate taxpayers pay 40 per cent
To provide well-rounded coverage and a breadth of insight across various events, we rely on contributions from several staff writers, each bringing their own area of expertise to our publication.