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UK tax authorities warn nearly 900,000 savers they may owe taxes due to higher interest rates.
HMRC will warn nearly 900,000 UK savers about potential tax bills due to higher interest rates.
While savings are tax-free, interest can be taxed, with allowances at £1,000 for basic-rate and £500 for higher-rate taxpayers.
Fixed-rate accounts can lead to larger tax bills as interest is taxed when it becomes accessible.
Paragon Bank research shows 2.4 million fixed-term savings accounts will mature soon, with 887,000 likely to trigger taxes.
Financial experts advise monthly or annual interest payments and using ISAs to avoid taxes.
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Las autoridades fiscales del Reino Unido advierten a casi 900.000 ahorradores que pueden deber impuestos debido a las tasas de interés más altas.