Dec T

I have been retired for a few years now so decided I would take an income from my SIPP from this month, I was expecting to have a personal allowance of £12,570 plus a personal saving allowance of £1,000 and a personal dividend allowance of £500 as my total taxable income (pension, savings and dividend) will be less than the combine total of these 3 allowances but I have noticed that I have received a new tax code and all of my savings income and dividend income has been deducted from my personal allowance with none of it being allocated to the personal saving allowance or the personal divided allowance. This means my personal allowance is just above £9350. I would have thought HMRC when working out my tax code would have taken the personal saving allowance and personal dividend allowance into consideration when lowering my tax code. To add insult to injury my new tax code going forward (its not temporary) is an X (Month 1) rather than an L