Savers facing £5,000 tax bills on interest nearly triples as HMRC figures reveal growing burden

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Savers facing £5,000 tax bills on interest nearly triples as HMRC figures reveal growing burden.

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The number of savers facing tax bills of at least £5,000 on their savings interest has almost tripled in four years, according to new HM Revenue and Customs (HMRC) figures.Around 144,000 people are forecast to pay at least £5,000 in tax on savings income in 2026/27 — up from 52,700 in 2022/23, a rise of 173 per cent — according to data sourced by Paragon Bank.The number has climbed steadily each year: 117,000 savers were expected to face similar bills in 2023/24, rising to 133,000 in 2024/25 and 137,000 in 2025/26.The surge comes during a period of elevated savings rates and growing cash balances held outside tax‑efficient accounts.

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TRENDING Stories Videos Your Say Savers with large sums outside ISAs remain fully liable for income tax on interest earned above their Personal Savings Allowance.Around 1.1 million instant‑access non‑ISA accounts hold at least £100,000 each, with a combined balance of more than £260.7billion, analysis of CACI data shows.Large balances can generate...

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