Rising interest rates and higher wages will further add to the complex picture by potentially leaving account holders liable to taxes on earned interest. 'We estimate this will impact hundreds of thousands of people - up to a million - with bills of up to £2,000.' Anyone earning over £50,270 pays 40 per cent tax on income above that level. It is the latest blow after savers have suffered for years amid low interest rates. 'The worry is that if they don't declare their savings income they may well face penalty charges.'

Source: Daily Mail May 29, 2023 18:14 UTC