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Story summary
- More than one million UK pensioners face income tax bills on their savings, according to Her Majesty's Revenue and Customs (HMRC) data.
- For 2025/26, over 1.1 million individuals over State Pension age are expected to incur income tax liabilities, and experts advise using ISAs to shelter savings.
- Tax on savings rose from 493,000 in 2022/23 to 1.1 million in 2024/25 due to higher interest rates and frozen thresholds.
