# Income Tax (Trading and Other Income) Act 2005, Section 789: The individual's limit

Extent: E+W+S+N.I.

(1) For the purposes of this Chapter an individual's limit for a tax year depends on whether the individual meets the exclusive receipts condition for the tax year (see section 790).
(2) If the individual does, the individual's limit for the tax year is the basic amount for the tax year.
(3) If the individual does not, the individual's limit for the tax year is half that amount.
(4) The basic amount for a tax year is £7500 .
(5) The Treasury may by order amend the sum for the time being specified in subsection (4).

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Source: https://www.legislation.gov.uk/ukpga/2005/5/section/789 (the official version)
Page: https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-789
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.