HMRC is expected to rake in more than £10billion this year in tax on savings, new data shows.

According to the Government’s latest income tax take report, this marks a staggering £9billion increase compared to 2020.

This comes following two years of record-high savings interest rates and frozen tax allowance thresholds.

AJ Bell’s Laura Suter noted: “The Government is a big winner from rising savings rates. While savers have been enjoying higher rates, the taxman is dipping its hand into…