New Tax Code number 26/27

Dazed_and_C0nfused

https://forums.moneysavingexpert.com/discussion/comment/81940598#Comment_81940598

The figures are based on two things, the Winter Fuel tax charge, £200 in your case, and your tax rate.

If you are a basic rate payer then £1,000 taxed at 20% means you pay an extra £200.

But a higher rate payer only needs to have their tax code allowances reduced by £500 to have the same effect. £500 x 40% = £200.

philip1988

https://forums.moneysavingexpert.com/discussion/comment/81940598#Comment_81940598

https://forums.moneysavingexpert.com/discussion/comment/81938820#Comment_81938820

I receive £100pa and have just edged into the 40% tax rate this year.

On my recent tax code notification my winter fuel payment charge is £481. Bearing in mind the explanations given I can’t work out where this random figure comes from

Dazed_and_C0nfused

https://forums.moneysavingexpert.com/discussion/comment/81942556#Comment_81942556

A combination of 20% and 40%?