Tax Codes

[davidk65]

Can anyone tell me what these tax codes mean?
The tax code on my pension slip from my employer was "0278Y/0".
The code on my latest pay slip has changed and is now "0308Y/0".
I have Google d this but just got myself more confused. I understand that numbers before the letter give the amount of my personal allowance. but how much is "0308" worth?
The net result of this change is that I am now £5 per month worse of.

[bhg481]

0308 is worth £3080, 0278 is worth £2780 - the Y implies that you were born before 6 April 1938.
You should pay less tax with your new code.

[dzug2]

--The net result of this change is that I am now £5 per month worse of

No - if you are £5 a month worse off then it's the result of something else, not this change

[davidk65]

Thank you for your answer. I gave the wrong info. my tax code was 0308Y but is now 0278Y. I now realize that my state benefits have increased and as I pay tax at 20%, 20% of that increase is £5 a month which is taken from my works pension at source. It always comes as a shock this tax business. No one answers the phone or letters anymore at HMIRC. At least that's my experience.