Reprieve for P45 - Telegraph HM Revenue & Customs had planned to replace the P45, given to you when you leave your job, with a piece of paper called the 'leaver statement'. This was part of the move to Real Time Information (RTI), where employers report tax and National Insurance contributions when the payments are made, instead of at the end of the tax year. However, after consultation, HM Revenue & Customs said that it would keep the P45 for all employees. We have been working closely with employers and stakeholders about the introduction of RTI. Employers told us to keep the P45 - which is exactly what we have done," said Stephen Banyard, Acting Director for Personal Tax at HMRC. RTI is on track and we want to work in partnership with employers and other stakeholders to make its introduction as smooth as possible. The P45 is a three-part form issued when employees leave a job. It has also become slang for having your employment terminated. The P45 contains details of earnings and tax paid during the tax year The front section, Part 1, is given by the old employer to the tax office, who then record the pay and tax details on to the individual's taxpayer record. Part 1A is to 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.