HMRC warning to anyone with £7,500 or more in savings

People with £7,500 or more in savings in the UK have been issued a warning over HMRC bills that could come as a shock. A personal finance expert has explained key mistakes and pitfalls in the savings account process amid the ongoing cost of living crisis.

Laura Suter, director of personal finance at AJ Bell, said: "While lots of people are using ISAs to protect their money from tax or organising their savings to cut their tax bill, there are some sneaky tax traps that will catch some savers out without even realising it.

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