OT-M1 Tax Refund

Is a Tax Refund likely to succeed if one's Tax Code is OT-M1 (emergency tax code) after an IB SA (first timer in UK)? Or is it REQUIRED to get the tax code changed to something like 1257L before making the tax refund application??

4 Comments
 
Most Helpful

So you're on the emergency tax code because HMRC don't know enough about your income/tax status?

This is extremely normal. Regarding why it's happened after the IB SA... This could be that you haven't provided enough info, or the bank hasn't provided info...

  • Regarding the likelihood of success of a refund: guaranteed. If you can prove that you have overpaid tax, then a refund should be guaranteed. The timeline will depend on how complex the miscalculation is and how long it takes for HMRC to review the case.
  • Regarding changing your tax code: it shouldn't matter, but I would change it anyway. You can get a refund under OT-M1. It would simplify things to get the correct tax code though, and would avoid this happening in the future.

Personally, I would get the correct tax code and then move forward with the refund application.

You can contact HMRC, but there is ALWAYS a 30 minute wait-time over the telephone, so factor this in.

If you have any queries related to career development, settling in, cultural differences, potential exits or lateral hires... Then please do reach out via the WSO Mentor scheme, I'd be happy to help.

 

Thank you very much! Anecdotally, do IB firms often give National Insurance Contribution refunds to interns who are non–UK nationals who only ever lived in UK just for the duration of the (10-week) summer internship (my reading of the HMRC website seems to imply that it's possible)?

 

Vitae iste et ea ratione dolorem. Illo debitis et rerum aperiam quia nihil impedit placeat. Iure quibusdam expedita aut et eaque qui ullam.

Deleniti eum nobis magni earum. Illum voluptas beatae tempore itaque quasi facilis eaque. Quasi molestiae occaecati praesentium quasi odio est aperiam. Animi ad animi dolor quia tempore.

Career Advancement Opportunities

June 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.8%
  • JPMorgan 01 98.2%
  • Guggenheim Partners 01 97.7%
  • Morgan Stanley 07 97.1%

Overall Employee Satisfaction

June 2026 Investment Banking

  • Moelis & Company No 99.4%
  • Morgan Stanley 02 98.8%
  • Evercore 01 98.2%
  • BMO Capital Markets 12 97.6%
  • Banco Santander 01 97.1%

Professional Growth Opportunities

June 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.8%
  • Morgan Stanley 05 98.2%
  • JPMorgan No 97.7%
  • BMO Capital Markets 12 97.1%

Total Avg Compensation

June 2026 Investment Banking

  • Vice President (14) $434
  • Associates (43) $259
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (22) $179
  • Intern/Summer Associate (13) $156
  • 1st Year Analyst (77) $151
  • Intern/Summer Analyst (71) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
kanon's picture
kanon
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
GameTheory's picture
GameTheory
98.9
6
dosk17's picture
dosk17
98.9
7
Betsy Massar's picture
Betsy Massar
98.9
8
DrApeman's picture
DrApeman
98.9
9
CompBanker's picture
CompBanker
98.9
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”