Tax Allowances
The question
To ask the Chancellor of the Exchequer, what estimate she has made of the number of people using the £1,000 tax free allowance for (a) trading and (b) property income in each of the last three years for which figures are available.
Answered by Dan Tomlinson
The tax-free allowances simplify the tax system and keep low levels of casual income out of taxation. Individuals with trading income or property income at £1,000 or below are not required to report the income and the use of allowances to HMRC through Self Assessment (SA). As a result, HMRC cannot provide a total estimate on the number of people using the allowances and the cost of the allowances.
More information on the tax free allowances can be found at:
Tax-free allowances on property and trading income - GOV.UK”
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