Rent-a-Room

For many years, an individual can receive income from the letting of one or more rooms in their only or main residence up to £4,250 free of tax.

The Budget has increased this relief to £7,500 from 6 April 2016, the first increase since 1997.

Care needs to be taken where more than one person is entitled to the letting income and/or where the income is in excess of the relief.

The law and practice referred to in this article or webinar has been paraphrased or summarised. It might not be up-to-date with changes in the law and we do not guarantee the accuracy of any information provided at the time of reading. It should not be construed or relied upon as legal advice in relation to a specific set of circumstances.

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