Tax code used for redundancy pay

I was made redundant this year, in the 2024/25 tax year. The tax code use was 0TM1. What does this mean and does it mean I could have paid too much tax? Thanks Pete

Hi pjhitchman,
This code does not allow you any personal allowance, and would tax you using the 20% & 40% rates bands depending on the size of the payment. This code is standard for payments after leaving an employer as you will be provided with a P45 with just your employment income that has your tax code which can then be offered to a new source of income elsewhere, the second payment from the employer will then use 0T for any remaining income. Tax-codes/what-your-tax-code means.
Thank you.