Higher tax rates and more high earners have boosted Treasury coffers by more than £6m in the past year.
New figures show the reduced personal allowance for those earning over £100,000 generated £6,083,603 in 2024/25, up from £5,731,080 the previous year.
The policy, introduced in the 2023 Budget, withdraws the personal allowance at a rate of £1 for every £2 of total income above £100,000, or £200,000 for jointly assessed couples.
In 2024/25, 1,223 individually assessed people and 464 jointly assessed couples were affected – down slightly from 1,329 individuals and 514 couples in 2023/24.
Treasury Minister Chris Thomas said the reasons for the difference included “the increase in the prescribed income tax rate from 20% in 2023/2024 to 22% in 2024/2025, and the fact that 2024/2025 assessments are not yet fully complete.”