Warning for 1.8million with bank account hit by little-known tax for the first time – are you one of them?
Many won’t have been aware they owed tax on cash savings interest and could unexpectedly find their tax code changed by HMRC to deduct the money from theirFigures obtained by investment platform AJ Bell show that the number of savers who were penalised rocketed from 972,000 in the 2021/22 tax year to 1,770,000 in 2022/23.
With cash interest rates now above 5% on some accounts individuals with as little as £10,000-£20,000 in cash can expect to be impacted. Laura Suter, head of personal finance at AH Bell, said: "Nobody should be punished for holding a rainy day savings pot and doubling the personal savings allowance would ensure households aren’t taxed on cash savings up to £20,000, based on current rates.
“Until a brown letter lands on their doormat some people won’t even realise they owe tax on cash interest.
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