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Posted Mon, 29 Apr 2024 15:17:48 GMT by Neil Wilts
I am currently a 40% payer but am being made redundant in 12 weeks - currently working my notice. At the end of my notice period I will have earned less than the £50,270 threshold so income for the year should have been at 20% not 40% - can I apply now for a tax code reduction (and refund) or do I have to continue paying on the current code and claim a refund following my notice period?
Posted Wed, 08 May 2024 15:26:44 GMT by HMRC Admin 20 Response
Hi Neil Wilts,
The code will collect the correct tax based on your income for the tax year.
Once you leave your current job if you then start a new job you would hand in your P45 and any refund would be calculated through your new employer.
If you are not returning to employment or receiving taxable benefit then you can complete a P50 from to claim a refund, please see tha following link,
 Claim back Income Tax when you've stopped working (P50).
Thank you.

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