P45

Definition

A form that an employee receives when they terminate their employment, detailing income for social security and taxation purposes for the current financial year.

Etymology

The form number designated by Britain's HM Revenue and Customs department.

Example Sentences

• "2012, Forbes, Has Unconventional Oil Production Peaked? Get any concessions wrong in advanced markets, and CEO’s know they’ll pay a very heavy price on stock markets. ‘P45’s’ all round, and that’s before we consider any national flags involved, or the small fact that host nations are piling on pressure to get pumps working, donkey’s nodding and receipts rolling in."