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Do tax codes reset to original code every April ?
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securitysue
Posts: 8 Forumite
in Cutting tax
My tax code changed to the 40% / D0 rate 2023 due to a pension payment but as i do not have any extra income this year only my £34k salary will it change back to 1257L in April 2024 or will i have to get in touch with them ?
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Comments
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HMRC will set the tax code according to what they believe your income will be, so if it was clearly known that you had a one-off adjustment then it should revert, but otherwise they're likely to assume that next year's income will be the same as this. You can view such information, and adjust if necessary, in your online personal tax account....1
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The tax codes for the following tax year are generally issued to employees towards the end of this month.They do not automatically revert. Indeed, it is more likely that HMRC will assume that you will receive a similar pension payment next year. Check your personal tax account, say, this time next month.1
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