This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

renting accomodation

wysiwyg
Posts:1
Joined:Wed Aug 06, 2008 3:03 pm

Postby wysiwyg » Mon Jun 09, 2003 3:38 am

Can I rent accomodation in my house free of tax?

demetris
Posts:95
Joined:Wed Aug 06, 2008 2:18 pm

Postby demetris » Tue Jun 10, 2003 10:53 am

Yes, an amount up to £4,250 per tax year for letting furnished rooms in your own or rented main residence is tax-free. If the income exceeds that amount, you only pay tax on the excess. The lettings must be residential. There is only one limit per house.

Capital gains tax exemption of your private principal residence is not affected by the operation of the scheme.

Demetris Savva BA FCCA
http://www.tax-accounting-london.info


Return to “Income Tax”