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Rising interest rates and frozen tax thresholds mean millions of savers could get a nasty shock. For the first time, many risk breaching the Personal Savings Allowance (PSA) and paying tax on their hard-earned savings.
PSA Limits Slashed by Soaring Interest Rates
The PSA lets basic-rate taxpayers earn up to £1,000 in savings interest tax-free annually. Higher-rate taxpayers get £500, while additional-rate payers get nothing.
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When rates were near zero, these limits seemed generous. A basic-rate earner could stash over £150,000 in a top easy-access account without paying a penny tax. Not anymore.
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