0T tax codes are being sent out ahead of 2010/11 to those who HMRC estimates will have an income in excess of £112,950.

The personal allowance available to individuals is withdrawn from 6 April 2010 at a rate of £1 per every £2 of income in excess of £100,000.

This has major implications for taxpayers because if a PAYE code has not been amened, or if a taxpayer who would normally have earnings well below this level has an income in excess of £100,000, the marginal rate of tax which applies will be 60% on income between £100,000 and £112,950.

Tax planning for 2010/11