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Income tax: Savers urged to 'get clever' over personal allowances – HMRC guidance issued

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This data set showed VAT, Corporation tax, fuel duty, Stamp Duty and Air Passenger Duty receipts were all down in the 2020/21 tax year and overall, the Government’s coffers were down £49.1billion over the last year or so.

UK savers may view this as good news as generally, the less money that is paid to the state, the more they can keep for themselves.

However, Becky O’Connor, the Head of Pensions and Savings at interactive investor, warned these fortunes could easily reverse over the coming months.

On this, she urged savers to take action: “We paid less in tax to HMRC in the last 12 months, mainly because VAT receipts fell dramatically, as a result of the payment deferment policy.

“But as the economy revs up, the decline in tax take could quickly reverse.

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