Paragon Bank

“2.1 million retirement-age savers are forecast to owe tax on their savings income during the 2026/27 tax year.”

“517,000 in 2022/23”

“The collective tax bill facing these older savers is projected to hit £3.34 billion in 2026/27, a stark increase from the £795million recorded four years earlier.”

“Savers who are 65 or older will keep access to the full £20,000 cash ISA allowance, providing a significant opportunity to shelter interest from taxation.”

“those aged 64 and under will see their cash ISA limit reduced to £12,000.”