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Flashcards in Rent A Room Deck (1)
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1
Q

Rules for rent a room relief

A
  • room can be let to anybody
  • up to £7500 income tax free
  • above £7500 then either:
    A) first £7500 is tax free then the rest is taxable at marginal rate
    B) work out income vs expenditure of the room then taxed