Property and trade allowances

Property allowance

From 6 April 2017 a property allowance of £1,000 per annum is introduced for individuals.

The property allowance will not apply to partnership income or to income on which rent a room relief is given.

Income up to £1,000: Profits assessable NIL

Income over £1,000: Election to deduct £1,000 rather than the actual expenses

Trade allowance

From 6 April 2017 a Trade Allowance of £1,000 per annum is introduced for individuals.

There will be an equivalent rule for certain miscellaneous income. This will apply to the extent that the £1,000 trading allowance is not used against trading income.

The trade allowance is not available against partnership income.

Income up to £1,000: Profits assessable NIL

Income over £1,000: Election to deduct £1,000 allowance rather than the actual expenses

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