<P> A P45 is issued by the employer when an employee leaves . It is a multipart form . </P> <P> In the UK, the front section, Part 1, is given by the old employer to HM Revenue and Customs, who then record the pay and tax details on to the individual's taxpayer record . Part 1A is to be retained by the employee, Part 2 retained by the new employer, and Part 3 taken by the new employer and sent to their tax office . The P45 contains details of earnings and tax paid during the tax year (tax paid in previous years is detailed on the P60 for that year). </P> <P> The "P" code refers to documents in the PAYE series, in the same way that self - assessment documents are prefixed "SA" (e.g., SA100 - Individual tax return) and Tax credits paperwork is prefixed "TC" (e.g., TC600 - Tax credits application). </P> <P> On 4 October 2017, at a Conservative Party conference in Manchester, the Prime Minister Theresa May was handed a P45 slip form by Simon Brodkin as a stunt claiming to be from the Foreign Secretary Boris Johnson . </P>

What does the p stand for in p45