Personal Income: Tax Allowances
Commons · Question 65352 · Tabled 7 Jul 2025 · Treasury · Official record
Answered 15 Jul 2025
Question
Asked by Sarah Olney
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
Answered by James Murray, 15 Jul 2025
The 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 ...