HMRC issues payslip tax code which means you could get extra £450 from July

James Rodger

11 June 2024 at 10:45 am·2-min read

HMRC has issued a payslip tax code which means you could get £450 extra from July. The tax department has confirmed it will give £450 to workers with one code on their payslip - if the Conservative Party win the General Election on July 4.

Rishi Sunak has promised further tax cuts if the Conservatives are re-elected, as he set out his party's election manifesto. The prime minister said his party would cut the National Insurance (NI) paid by employees by a further 2p by April 2027.

Workers with the tax code 1257L can expect to see an increase in their pay packet from July, depending on their earnings. 1257L is the standard tax code for most workers, but it can be adjusted if you have overpaid or underpaid tax.

If your payslip shows NT, you won't receive the boost this year. This is because you haven't reached the £12,570 threshold yet and aren't paying tax on your income to get tax back. And of course, if the Tories fail to win on July 4, then nobody will benefit.

Mr Sunak also pledged to reduce the main rate of NI paid by the self-employed, abolishing it completely by April 2029 - and the manifesto contained the party's pledge to abolish NI completely when it is "affordable to do so".

Mr Sunak said he was not "blind to the fact that people are frustrated with our party and frustrated with me", admitting "we have not got everything right". But he vowed that if re-elected, his party would "keep cutting taxes in the coming years".

It includes by reducing employee NI by 1p next April, and 2p by April 2027. These NI changes were announced by Mr Sunak today (Tuesday June 11) at Silverstone in Northamptonshire and were backed by Chancellor Jeremy Hunt.

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