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The Independent UK
The Independent UK
Business
Karl Matchett

Savers could be facing an unexpected tax bill - what does it mean for you and what are interest earning limits?

HMRC

Savers have been reminded that they could get an unexpected bill from HM Revenue and Customs (HMRC) due to interest earned - though it might be chiefly for those who locked away money for at least two years, with terms expiring soon.

Rising interest rates in the UK since the end of 2021 have been a double-edged sword for people; with the Bank of England’s (BoE) rate peaking at 5.25 per cent across 2023-24, it meant a more competitive and rewarding environment for those with savings accounts...but higher repayment costs for those with mortgages not locked into fixed rates.

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