Budget 26: Savings income tax rate to rise to 44% for higher earners

From April 2027, tax on savings income will rise to 24% for basic rate payers, 44% for higher taxpayers and 49% for additional rate payers. Announcing the move, chancellor John Healey said "88% of people will pay no more tax on their savings". But a higher-rate taxpayer with a £50,000 savings pot could face an extra £603 in tax over a decade, according to calculations by AJ Bell. Tax rates on property income are also being increased by the same level. Ollie Saiman, co-founder of wealth manager Six Degrees, said: "A further two point rise in the rates on savings and property inco...