Can anyone tell me how long a P45 (issued when leaving last employment) lasts for? Is it required by one's new employer when one starts new employment?
Quite a long time has elapsed since I was last in a paid job.
Thanks,
Jim
Its purpose is to allow the new employer to deduct the correct amount of income tax, taking into account how much your old employer already has done.
It is therefore no longer required if a tax year boundary lies between the end of your old employment and start of the new.
It is valid for the current tax year. If you start a new job in the same tax year as the one in which you left your last job, your new employer will need your P45 in order to ensure that PAYE continues to be applied to your earnings.
This used not to be quite true. If an employer received a P45 from the preceding tax year before 24 May the employer was required to use the P45 to provide the PAYE code for the new employment. (If received after
24 May the emergency code is used but the P45 still avoids the need for a P46.) In any event, there is no reason not to hand over a P45 no matter how old it is unless you (the OP) really do not want your new employer to see it.
It's never "required". If it is for an earlier tax year then the information is used except pay and tax.
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