Thousands will be paying less tax thanks to changes announced in the Budget.
And the overall cost of the various changes to tax rates, allowances and thresholds will be £12.29m in lost revenue.
But loss in National Insurance revenue will be more than offset by those who will pay more.
Increasing the Class 1 primary and secondary threshold means around 55,070 individuals will pay less NI than they do currently while raising the Class 4 Lower Profits Limit (LPL) means that around 2,977 individuals will pay less.
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But increasing the Class 1 Upper Earnings Limit (UEL) affects approximately 7,955 who currently have an annual salary over the existing UEL of £48,776 a year.
And increasing the Class 4 Upper Profits Limit (UPL) affects some 3,182 individuals who currently have profits over £48,776 per year.
The overall loss in revenue to increase the Class 1 primary and secondary thresholds and the Class 4 LPL by 5% is £3.72m but the overall increase in revenue generated by increasing the UEL and UPL by 10% is £3.93m.
Cost of reducing the higher rate of Income tax from 22% to 21% is estimated to be in the region of £10m.
And the cost of increasing the Personal Allowance by £250 is expected to be in the region of £2.5m
During 2025-26, £384.04m is expected to be collected via income tax and £329.7m via NI.