diff --git a/plugins/woocommerce-blocks/assets/js/base/components/cart-checkout/totals/discount/style.scss b/plugins/woocommerce-blocks/assets/js/base/components/cart-checkout/totals/discount/style.scss
index 201c2ca4b69..07a0fb28b94 100644
--- a/plugins/woocommerce-blocks/assets/js/base/components/cart-checkout/totals/discount/style.scss
+++ b/plugins/woocommerce-blocks/assets/js/base/components/cart-checkout/totals/discount/style.scss
@@ -1,6 +1,6 @@
 .wc-block-components-totals-discount__coupon-list {
 	list-style: none;
-	margin: 0;
+	margin: $gap-smallest 0 0;
 	padding: 0;
 }
 
diff --git a/plugins/woocommerce/changelog/49603-update-49480-coupon-code-space-adjustments b/plugins/woocommerce/changelog/49603-update-49480-coupon-code-space-adjustments
new file mode 100644
index 00000000000..5997db8da6d
--- /dev/null
+++ b/plugins/woocommerce/changelog/49603-update-49480-coupon-code-space-adjustments
@@ -0,0 +1,4 @@
+Significance: minor
+Type: update
+
+Adjust top margin of the coupon code in the Cart and Checkout blocks.
\ No newline at end of file