Income Tax (Trading and Other Income) Act 2005 (c. 5)

[F1 PART 6A U.K. Income charged under this Act: trading and property allowances

Textual Amendments

F1 Pt. 6A inserted (16.11.2017) (with effect in accordance with Sch. 3 para. 13 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 3 para. 1

CHAPTER 1 U.K. Trading allowance

Modifications etc. (not altering text)

C1 Pt. 6A Ch. 1 excluded (22.7.2020) by Finance Act 2020 (c. 14), Sch. 16 para. 4(4)

Basic definitions U.K.

783AD The individual's trading allowance U.K.

(1) For the purposes of this Chapter, an individual's trading allowance for a tax year is £1,000.

(2) The Treasury may by regulations amend subsection (1) so as to substitute a higher sum for the sum for the time being specified in that subsection.]