Income Tax (Trading and Other Income) Act 2005 section 783BD

The individual's property allowance

Section 783BD sets the amount of the individual's property allowance and provides the Treasury with the power to increase it by regulations.

  • Each individual is entitled to a property allowance of £1,000 per tax year.
  • The allowance applies for the purposes of the property income chapter.
  • The Treasury may increase the £1,000 figure by making regulations.
  • The Treasury may only substitute a higher sum, not a lower one.

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