Charlene Young, of investment platform AJ Bell, said: “The figure was revised up 38pc following sticky inflation and interest rates staying higher for longer.”
HMRC also estimated that it would bring in £8.2bn in savings interest tax in this tax year. Ms Young attributed the fall to the “rush to use the cash Isa allowance”.
She said: “Over £15bn was stuffed in cash Isas in the first two months of this tax year alone, which is no surprise when you consider that savers will face a triple threat of tax hits next year.”
HMRC has come under fire in recent months for its approach to taxing savings after a Telegraph investigation revealed that it was clawing back tax on savings interest that either does not exist or is shielded in an Isa.
Errors included flawed estimates, the duplication of interest, interest from money held in cash Isas wrongly reported as taxable, and individuals being wrongly linked to savings accounts they do not own.
A Treasury spokesman said: “We are continuing to protect savers through generous tax reliefs and around 85pc of people with savings income pay no tax on that income at all.
“This is while also making the tax system fairer by asking those with the broadest shoulders and the largest income from assets to contribute more to fund precious public services.”
