Should I sell or risk tenants buying at undervalue price?9:08 AM, 25th September 2019
About 4 weeks ago 48
Hidden in the spring 2017 Budget small print indicates that tax relief on renting a room of your main residence will be reviewed by Government. This is likely due to the widespread use of Airbnb and the potential for generating tax revenue from this popular market.
The Government said it will conduct a consultation looking at the way Rent A Room tax relief operates to ensure it is better targeted to support longer term lettings, reflecting its original purpose.
Current Rent A Room rules allow home owners to earn an income from renting rooms to lodgers without paying tax on the first £7,500. This includes renting through Airbnb and other sites.
There are no timescales set yet for this review (we suspect they will have their hands full with NIC increases first), but RLA research indicates more than 23,000 rooms are listed with Airbnb in London alone.
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