HMRC to rake in bumper £10.4 billion from tax on savings

With interest rates at a 16-year high, how can you shield your savings from the taxman?

Piggy banks on green background
(Image credit: PM Images via Getty Images)

The taxman is expecting to rake in a bumper £10.4 billion in tax on savings interest this year, according to projections from HMRC for the 2024/2025 financial year. 

That’s up from £9.1 billion last year (2023/2024), £3.9 billion two years ago (2022/2023), and £1.4 billion three years ago (2021/2022). 

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
Katie Williams
Staff Writer

Katie has a background in investment writing and is interested in everything to do with personal finance, politics, and investing. She enjoys translating complex topics into easy-to-understand stories to help people make the most of their money.

Katie believes investing shouldn’t be complicated, and that demystifying it can help normal people improve their lives.

Before joining the MoneyWeek team, Katie worked as an investment writer at Invesco, a global asset management firm. She joined the company as a graduate in 2019. While there, she wrote about the global economy, bond markets, alternative investments and UK equities.

Katie loves writing and studied English at the University of Cambridge. Outside of work, she enjoys going to the theatre, reading novels, travelling and trying new restaurants with friends.