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December 15, 2016

New Income Tax allowances

In the 2016 Budget, the then Chancellor, George Osborne, announced that he would be introducing two new £1,000 tax allowances for property and trading income. The new allowances will come into force from April 2017. The scope of the tax allowance was increased somewhat by the new Chancellor as part of the Autumn Statement 2016 when it was announced that the trading allowance will also apply to certain miscellaneous income from providing assets or services.