They can be – but only if you have earned a significant amount in interest on the money in your current account. In general this is up to £1,000 for basic-rate taxpayers, and up to £500 for higher-rate taxpayers. You may also be able to earn more interest tax free if you have a low income from all other sources. You should always check the latest tax allowances and consult with a qualified tax professional if unsure. However, as current accounts don’t generally earn much interest compared to savings accounts, it’s unlikely you will be taxed much, if at all, on the contents of your current account.