“Those who were using the relief to cover letting during their absence and will now lose the relief from April 2019 will need to consider if they can use the new £1,000 property allowance3 to exempt some or all of the income they receive.”
Notes for editors
- Rent-a-room relief allows individuals to earn up to £7,500 of tax-free income from letting out furnished accommodation in their main or only residence. The relief can apply to room let to a single individual for 365 days of the year, or lets of one night each to 365 different individual. The relief is separate from the new £1,000 property allowance introduced from April 2017, which applies more generally to any income an individual derives from their interest in a property. HMRC believe that there has been a 38% increase in claims in the seven years from 2007-8 to 2014-15.
- The ATT’s submission to the Treasury’s call for evidence can be found here. The original call for evidence can be found here.
- More guidance on the new trading and property allowances can be found on HMRC’s website here.
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