Act now to beat savings account tax raid as higher rates push millions into HMRC trap

Act now to beat savings account tax raid as higher rates push millions into HMRC trap

Savings experts warn that as interest rates rise, millions risk breaching the personal savings allowance (PSA). Once they do, they will start paying income tax on the interest from their deposit accounts. Currently, more than nine out of 10 savers pay zero income tax on their cash savings, thanks to the PSA. Under the allowance, …

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