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The Independent UK
The Independent UK
National
Millie Cooke

Rachel Reeves considers savings tax in bid to balance books

Rachel Reeves HMRC
  • UK Chancellor Rachel Reeves is considering new measures to collect taxes on savings interest.
  • These measures include granting HMRC access to savers' bank data, including National Insurance numbers, and allowing HMRC to directly adjust workers' tax codes to collect owed taxes.
  • The proposals aim to address concerns about underpayment of taxes on savings interest as interest rates rise and more individuals are projected to owe taxes on their savings.
  • Critics express concerns about privacy and potential overreach by the government, while HMRC argues that the changes will simplify tax compliance for savers.
  • These measures come amid a wider effort to increase tax revenue and enforce compliance, alongside spending cuts announced earlier.
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The Independent UK
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