HMRC warns UK savers of potential tax liabilities in standard accounts amid cost-of-living crisis.
HMRC has cautioned UK savers with £7,500 in standard accounts about potential tax liabilities amid the cost-of-living crisis. Personal finance expert Laura Suter highlighted five tax traps, particularly concerning fixed-rate accounts where interest is taxed in one year, risking breaching the Personal Savings Allowance. To mitigate this, she recommends opting for accounts with monthly or annual interest payouts or switching to tax-free fixed-term ISAs.
September 06, 2024
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