Personal Savings: Taxation
The question
To ask the Chancellor of the Exchequer, what has been the annual change in tax paid by individuals on savings interest in (a) 2022/23, (b) 2023/24, (c) 2024/25 and (d) 2025/26.
Answered by Treasury
Estimates of the tax liabilities on savings income are available as part of Table 2.6 of the annually published Accredit official statistics:
Tax year 2022-23 and years prior are available as a historic table in that same publication:
https://assets.publishing.service.gov.uk/media/6a548feb1228eb26a4cab7d9/Table_2.6a_-_Historic.ods
The 2023-23 and 2023-24 figures are based on HMRC’s Survey of Personal Incomes (SPI) outturn data. Data for 2024-25 and onwards are projections based on the 2023-24 SPI, projected in line with economic assumptions consistent with the Office for Budget Responsibility’s March 2026 Economic and Fiscal Outlook.
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