HMRC sending new tax codes to anyone with these savings

HMRC sending new tax codes to anyone with these savings

The new tax year might be nearly halfway through by now, but HMRC continues to dispatch fresh tax codes to individuals as it works through altered personal circumstances linked to your National Insurance number or interest generated from your savings account.

The fresh tax year commenced on April 6, and annually, when the fiscal year restarts, the tax authority HMRC issues updated tax codes to individuals who have surpassed particular thresholds, including the Personal Allowance for savings interest or one of the income tax bands, such as the £50,270 bracket.

One individual who had been affected by HMRC tax code alterations shared in the UK Personal Finance subreddit to enquire about the matter.

They said: "Why has my tax code

See Full Page