Autumn Budget Deepens Tax Trap for HENRYs, with Marginal Tax Rate on Savings Hitting 64%

Budget 2026: how to beat the new savings tax rates

The UK budget introduced higher tax rates on savings income, effective April 2026, with basic-rate taxpayers facing 24% tax. However, savers can use tax-free allowances and ISAs to mitigate the impact.

‘Punishing’ Autumn Budget tax trap set to deal further blow to HENRYs

Thousands of UK workers are set to face an effective 64 per cent tax rate on their cash savings under a fresh tax raid launched by John Healey in his maiden Budget. The Chancellor confirmed he will hike taxes on savings by a further two per cent in April 2027, taking the rate to 44 [...]

Autumn Budget deepens tax trap for HENRYs, with marginal tax rate on savings hitting 64%

A punitive quirk in the tax system will see ‘HENRYs’ (High Earners, Not Rich Yet) facing an effective marginal tax rate of up to 64% on their cash savings interest from April 2027, according to new analysis from investing and trading platform IG.  The raid is driven by the interaction between the Chancellor’s Autumn Budget […]