Tax Exemption

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    #1

    Tax Exemption

    Hello everyone,

    If I were to rent out a spare room of my 2-bed apartment, would I be entitled to the £7500 tax-free renting income mentioned here: https://www.gov.uk/rent-room-in-your...-a-room-scheme.

    Thanks in advance
    Tags: None
    #2
    As long as no other rental income from property
    I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...
    • 1 like

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      #3
      Many thanks!

      Comment

        #4
        Bringing this post up again. Just wanted to clarify:

        Are you eligible as long as rental income is below £7500? Or does it take into account all income, regardless if it comes from rental properties or not?

        Comment

          #5
          Your other income (including from other rental property) does not affect entitlement to the Rent-a-Room allowance. Rental income from a room in your own home is tax free up to £7500. You cannot offset any costs against this - although you do have the option of opting out and treating that income as ordinary rental income if you prefer.
          There is a fine line between irony and stupidity. If I say something absurd please assume that I am being facetious.
          • 1 like

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            #6
            Many thanks for clarifying doobrey

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