HMRC

[dotty.]

my son had a letter 2 days ago saying his tax code is changed in april from 647 to 747, is this the same change that was announced today or is there another change? I've not had a letter though and i am the same tax code,

[craft1948]

Mines gone up from 674 to 747

[The-HouseHusband]

Hi Dotty, that is the new code we should all be on as of this April, I checked the HMRC site earlier after the budget. Think they have been given notice of it in advance so they can do the adjustments to systems in time

[craft1948]

Isn't the one announced today effective from 2012?

[The-HouseHusband]

Forgot to mention if you are past the 65 year mark your code will change to 994

[dotty.]

oh yes it it 674 to 747, so will mine alter too?

[The-HouseHusband]

no it is a stepped increase over a two or three year period so that you are a little better off each year

[Buenchico]

The new personal allowance (of £7475 = Tax Code 747L), effective from next month, was announced in the June 2010 budget.

[The-HouseHusband]

to avoid confusion that last answer was to craft.

Dotty we will all move to 747 as of April 1st

[ABerrant]

The change to 747 was announced last year.
This Budget announced the increase in 2012 to 801

[dotty.]

ahhh I see, so how much more will actually be in our pay i we are allowed an extra 1000 without tax?

[craft1948]

Sorry I'm not with you HH.....my tax code will be the same as dotty's at 747 this year and will be 801 next year.

[craft1948]

£200

[Hopkirk]

You gain by the new code, but at the same time lose by National Insurance rising from 11% to 12%.

[dotty.]

my national insurance is reduced because of my linked pension somehow, no idea how that works or how much difference it makes but i pay less now

[Hopkirk]

NI is about to go up Dotty.

[dotty.]

I know I pay £18 a month less NI now that my pension contribution is linked to it

[mccfluff]

its the new code for this tax year