Income Tax (Trading and Other Income) Act 2005 section 783AD

The individual's trading allowance

Section 783AD establishes the amount of the trading allowance available to individuals and provides a mechanism for the Treasury to increase it.

  • Every individual is entitled to a trading allowance of £1,000 per tax year
  • The allowance applies for the purposes of the trading income rules in this chapter
  • The Treasury has the power to increase the £1,000 threshold by issuing regulations
  • Any change made by the Treasury can only raise the allowance, not reduce it

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