Fast Growth Business Award: Mahmud Kamani

• 5.3 million non-ISA savings accounts could now generate enough interest to trigger tax.
• That is more than 11 times the number recorded in January 2018.
• Higher-rate taxpayers can earn only £500 in savings interest before tax applies.

Britons earning more than £50,000 could face an unexpected tax bill on relatively modest savings, as higher interest rates collide with a Personal Savings Allowance that has remained unchanged for years.

Fresh analysis from Yorkshire Building Society suggests 5.3 million non-ISA savings accounts could now generate more than £1,000 in annual interest, potentially putting the interest earned on those accounts into the tax net. That is a sharp increase from about 462,000 accounts in January 2018.