UK side-hustle tax-free allowance set to rise to £3,000
Economy · First reported 30 Oct, 07:00 · Updated 07:36
The Budget change will raise the annual trading allowance from £1,000 to £3,000 in April 2027. The reports say around 1.4 million people could benefit, while noting that tax treatment depends on whether someone is trading for profit and on their overall income.
- The allowance is scheduled to rise from £1,000 to £3,000 in April 2027, and about 1.4 million people could benefit.
- The reports describe side-hustles including reselling, tutoring and dog-walking; selling personal belongings for less than their purchase price is distinguished from trading for profit.
- The articles say platforms must report information about sellers to HMRC when they meet specified sales or income thresholds.
Summary written by Lux AI from 2 articles
Key facts
- New allowance
- £3,000, up from £1,000
- Start date
- April 2027
- Potential beneficiaries
- About 1.4 million people
- Estimated average tax saving
- £380 for an estimated 400,000 people
- Personal allowance cited
- £12,570
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