The chancellor has announced a major extension to the tax break of people renting out rooms for rent. The plans will come into effect for April next year and shows a £3050 increase in tax breaks for up to 90 days a year helping home-sharing businesses like Airbnb and OneFineStay. A new report by the Institute for Fiscal Studies (IFS) found that if all those who rent their homes were taxed at the same rate as homeowners then they would pay an extra £2.4bn , Patrick Robinson said in a statement,'The measures further demonstrates the UK government"s commitment to being a world leader in the sharing economy and shows their support for local residents across the country who are sharing their homes.'
The chancellor has announced a major extension to the tax break of people renting out rooms for rent. The plans will come into effect for April next year and shows a £3050 increase in tax breaks for up to 90 days a year helping home-sharing businesses like Airbnb and OneFineStay. Head of Public Policy, Patrick Robinson said in a statement,'The measures further demonstrates the UK government"s commitment to being a world leader in the sharing economy and shows their support for local residents across the country who are sharing their homes.'