However, this would exceed your £500 Personal Savings Allowance, prompting a letter from HMRC. As a higher-income earner, you would be taxed 40% on every £1 above the allowance, not 20%.

Nearly half of new taxpayers will be retirees by 2027, state pensioners have been warned. Department for Work and Pensions ( DWP) state pension payments will rise thanks to the Triple Lock, but ...

HM Revenue and Customs (HMRC) is reaching out to individuals "for the first time in a decade" following reports from banks and building societies. A concerned saver has penned a letter to a ...