Get the latest gossip

HMRC issues £5,000 warning to everyone with a savings account

HM Revenue and Customs have warned that people could fall foul of rules on interest on savings if they go beyond a £5,000 'starting rate'

There is no one-size-fits-all approach to savings and taxSavers, beware: HMRC might just burst your bubble if your interest earnings exceed a £5,000 'starting rate'. If your income from pension or work is under the personal allowance (£12,570), you get the full £5,000, meaning you can earn up to five grand in savings interest without being taxed. Your allowance applies to various income sources, including interest and trust funds (Image: PA Wire) You're not eligible for the starting rate for savings.

Get the Android app