Rachel Reeves has raked in a record £900m from a tax on tech giants as Donald Trump puts pressure on foreign governments to drop the levy.

Figures from HMRC show that the digital services tax (DST) is poised to bring in the Treasury £900m for the year to April, up from £700m in the previous 12 months and significantly above forecasts for when the tax was introduced.

The haul is likely to add to pressure from the White House to drop the tax, which Mr Trump sees as an unfair burden on American companies, even as it becomes increasingly crucial to maintaining the struggling public finances.

The US president said last week that he would “impose substantial additional tariffs” on countries persisting with digital services taxes, warning that tech companies would not be the “piggy bank” of the world.

Mr Trump reportedly made the threat after a White House meeting with Mark Zuckerberg in which the Meta chief executive brought up the DST.

A series of countries have dropped the taxes in response to Mr Trump’s tariff threats, including Canada, India, Pakistan and New Zealand.

The DST – a 2pc tax on search engines, online marketplaces and social media – was introduced in 2020 and was expected to raise £275m in its first year.

However, the blistering growth of Silicon Valley companies meant the tax has consistently raised more than forecast, and from this year is likely to raise upwards of £1bn annually.

HMRC’s annual accounts revealed a DST liability of £0.9bn for the 2024-25 tax year, above preliminary tax receipts figures this spring that said it had collected £808m. The difference is made up in later years.

This equates to almost a tenth of the Chancellor’s entire headroom, the financial buffer protecting Ms Reeves from breaking her fiscal rules. The DST now brings in more than the surcharge on banks’ profits, and double what the controversial changes to farmers’ inheritance taxes are due to raise.

Labour has considered altering the DST in an attempt to dodge Mr Trump’s tariffs, weighing up whether it could be charged on profits or raising the threshold. The tax survived a US-UK trade deal agreed this summer.

However, Mr Trump said last week that “all countries” applying the tax would face retaliation.

“I put all countries with digital taxes, legislation, rules, or regulations, on notice that unless these discriminatory actions are removed, I, as President of the United States, will impose substantial additional tariffs on that country’s exports to the U.S.A., and institute export restrictions on our highly protected technology and chips,” he wrote.

“America, and American technology companies, are neither the ‘piggy bank’ nor the ‘doormat’ of the world any longer. Show respect to America and our amazing tech companies or, consider the consequences!”

Matthew Sinclair, of tech industry group the CCIA, said: “The UK digital services tax increasingly stands out as the burden grows and many other countries abandon similar taxes and proposals.

“Singling out the tech sector, and placing a disproportionate burden on a handful of companies, undermines the UK’s reputation as a digital-friendly destination for investment. The Government should commit to scrapping the tax as part of a push towards a robust digital trade agreement with the US.”

The Treasury had expected to drop the tax as part of a global deal between OECD countries, and had committed to reviewing the tax this year, but Mr Trump pulled the US out of the global deal, effectively blocking this route.

A Treasury spokesman said: “As the Chancellor has previously said, we will continue to make sure that businesses pay their fair share of tax, including businesses in the digital sector.

“The UK’s Digital Services Tax is a fair and proportionate approach to taxing business activities undertaken in the UK, and it remains the UK’s intention to repeal it once an international solution is in place.”

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