Tax Code Guide
1050L
Tax Code 1050L Explained
What does this code mean?
1050L gives you a tax-free Personal Allowance of £10,500. The £2,070 reduction from the standard allowance is usually because HMRC is collecting tax on benefits like a company car, private medical insurance, or other perks through your pay.
Who gets this code?
Employees receiving company benefits worth around £2,000 per year in taxable value.
Is it correct?
Check your latest P45 or Payslip to see if this matches your current situation.