HMRC Savings Account UK: Tax on Savings Interest, Allowances and Refunds
An HMRC savings account is not an ordinary bank account offered by HM Revenue & Customs. The term usually refers to how HMRC calculates and collects Income Tax on interest earned from UK savings accounts. HMRC also administers Help to Save, a separate government-backed savings scheme for eligible individuals. For the 2026–27 tax year, basic-rate
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