Andy Burnham and John Healey 'targeting' households with over £12,500 savings

NewsMoneyYour MoneyExperts claim existing tax rules are unfair09:20, 13 Aug 2026Millions more savers are at risk of having to pay tax on their interest earnings, experts warn.‌It's linked to rules around how much people can earn in interest each year before having to pay tax.‌The Personal Savings Allowance allows basic rate payers to earn £1,000 a year in interest without paying tax.‌READ MORE: Andy Burnham and John Healey 22 per cent charge for households with over £10,000 savingsGet breaking news on BirminghamLive WhatsAppThis falls to £500 for those in the higher tax band, those earning over £50,000.‌The number of non-ISA savings accounts forecast to earn over £1,000 in interest has increased by 1047% since 2018 according to CACI figures.This is because easy-access accounts are offering