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STOP PRESS: At Spring Budget 2024, the Chancellor announced that the remittance basis would be abolished from 6 April 2025, although this only applies to foreign income and gains arising on or after that date. The remittance basis rules still apply to unremitted income and gains arising before that date but remitted later. For more details, see the Abolition of the remittance basis from 2025/26 guidance note.

This guidance note looks at how the trading allowance of £1,000 which provides an income tax and class 4 National Insurance exemption for up to £1,000 of trading income each tax year. There is a comparable property allowance which is set out in the Property allowance guidance note.