savings interest tax

Five ways 45p extra rate taxpayers can avoid savings interest tax

Many extra-rate taxpayers face tax bills on their savings interest, possibly unknowingly. HMRC expects to collect £10.37 billion in savings interest tax in the current fiscal year 2024-25. It anticipates a stunning £6.8 billion from extra-rate taxpayers, who do not receive a Personal Savings Allowance, unlike basic-rate and higher-rate taxpayers.