Written Question·Treasury·UIN 65352
Personal Income: Tax Allowances
Tabled: 7 July 2025
Answered: 15 July 2025
Question
Sarah Olney
Liberal Democrat — Richmond Park
To ask the Chancellor of the Exchequer, if she will make an estimate of the cost to the public purse of increasing the Trading Allowance to £3,000.
Answer
James MurrayThe Trading Allowance allows individuals to earn up to £1,000 a year in trading or miscellaneous income tax-free, and this has not changed. The Government is increasing the Income Tax Self-Assessment reporting threshold from £1,000 to £3,000 gross within ...
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