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HMRC warns UK savers that only £1,000 of annual interest is tax-free; beyond that, it's taxable.
The UK's HMRC has warned that many people are unaware of a rule limiting tax-free savings interest to £1,000 annually, beyond which earnings are taxable.
The alert highlights growing confusion among savers about how interest income is treated for tax purposes, especially with rising interest rates.
The warning comes as the government seeks to improve compliance and ensure individuals accurately report their savings income.
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HMRC advierte a los ahorradores del Reino Unido que solo 1.000 libras esterlinas de interés anual están libres de impuestos; más allá de eso, están sujetas a impuestos.