Yorkshire Building Society issues tax warning as millions at risk from HMRC's raid on savers

1 sources1 storiesFirst seen 8/13/2026Score27Mixed Progress

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The number of savings accounts generating more than £1,000 in annual interest has risen by 1,047 per cent since 2018, new research has found.Yorkshire Building Society's analysis of CACI data projects that 5.3 million non‑ISA savings accounts will generate more than £1,000 in annual interest by January 2026, compared with just 462,000 eight years earlier.The surge has been linked to the personal savings allowance remaining unchanged since its introduction in 2016.

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As savings rates have increased while thresholds have stayed frozen, more savers have been brought into the scope of tax on their interest.

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TRENDING Stories Videos Your Say Yorkshire Building Society found many affected people may not realise they could face a tax liability.The personal savings allowance lets basic‑rate taxpayers earn up to £1,000 in savings interest tax‑free.Higher‑rate taxpayers receive a £500 allowance, while additional‑rate taxpayers receive none.

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The thresholds have not changed for a decade.At a savings...

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