Tax Code Guide
747L
Tax Code 747L Explained
What does this code mean?
747L means your tax-free amount is £7,470. Your Personal Allowance has been reduced by over £5,000 from the standard. This could indicate significant benefits in kind, multiple underpayment adjustments, or a combination of both. You should check your HMRC tax code notice (P2) to understand exactly why.
Who gets this code?
Employees with substantial employer benefits or those with significant underpayment corrections from HMRC.
Is it correct?
Check your latest P45 or Payslip to see if this matches your current situation.