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tax codes

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jasmin26 | 21:24 Mon 08th Sep 2008 | Personal Finance
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have the tax codes changed ? my partners code was 543L and today when he got his pay slip for this week his code has changed to 603L. He has only paid �64 tax on �692 wages. is this a mistake ?

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No it's right - it's to help losing the 10% bracket. It's backdated to April so he should be �60 better off this month and �10 each month from now on.
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Thanks for that Missspeedy. if i get paid monthly when would my code change ? i know my pay at the end of August was the same as before so will it show the end of this month ?
No problem. It's the first pay day after 6th (or 8th?) September so yours will be the end of Sept and you'll get the amount backdated too. Whatever your tax code was, it will have 60 added on to it.
Yes, we will have an extra �60 in our monthly pay packet (assuming we have been employed since April) then an extra �10 each month.

It has been in the news a LOT over the past two or three months
...although anyone who is a higher rate taxpayer won't benefit at all. This is because the starting point for the 40% tax band is being reduced by an amount which cancels out the benefit of the increased basic tax code.

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