Direct from HMRC website -
The emergency tax code is set each year and is a number followed by the letter L. The number is the basic Personal Allowance (£7,475 for the tax 2011-12) divided by 10. The emergency code for 2011-12 is therefore 747L.
Depending on how it's worked out, you might also see '747L W1' or 747L M1' (meaning 'Week 1' or 'Month 1' - whereby you get a proportion of the Personal Allowance over the remainder of the tax year).
747L also happens to be the tax code you’ll get if you are entitled to just the basic Personal Allowance but in this case it is not an emergency code and you will receive the right amount of tax-free pay. See the section ‘When you might be put on an emergency tax code’ to help you decide whether the emergency tax code might apply to you.
When you might be put on an emergency tax code
You might get an emergency tax code if:
• you've started a new job and haven't got a P45 from your previous employer for the same tax year
• you've started your first job since the start of the tax year and haven't been receiving any taxable state benefits or a state or company pension
• you've started a new job but you've had another job or other jobs or received taxable state benefits during the year
• you've started a new job and were previously self-employed
• there's been a change in your tax code during the year because, for example, you've started to get company benefits or the State Pension
The emergency tax code is set each year and is a number followed by the letter L. The number is the basic Personal Allowance (£7,475 for the tax 2011-12) divided by 10. The emergency code for 2011-12 is therefore 747L.
Depending on how it's worked out, you might also see '747L W1' or 747L M1' (meaning 'Week 1' or 'Month 1' - whereby you get a proportion of the Personal Allowance over the remainder of the tax year).
747L also happens to be the tax code you’ll get if you are entitled to just the basic Personal Allowance but in this case it is not an emergency code and you will receive the right amount of tax-free pay. See the section ‘When you might be put on an emergency tax code’ to help you decide whether the emergency tax code might apply to you.
When you might be put on an emergency tax code
You might get an emergency tax code if:
• you've started a new job and haven't got a P45 from your previous employer for the same tax year
• you've started your first job since the start of the tax year and haven't been receiving any taxable state benefits or a state or company pension
• you've started a new job but you've had another job or other jobs or received taxable state benefits during the year
• you've started a new job and were previously self-employed
• there's been a change in your tax code during the year because, for example, you've started to get company benefits or the State Pension
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