tax code 503L

Hi,

My new tax code this year is 503L. I notice from
http://www.hmrc.gov.uk/employers/rates_and_limits.htm that 503L is the
'emergency' tax code this year.

I am concerned that I may not have the right tax code, and
consequently may not be paying the right amount of tax. Before I call
my tax office to check, I wondered if anyone in uk.finance may know
what's going on? I'm almost certain I've misunderstood something!

Any pointers will be gratefully received. Thanks.

Ollie
.