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Rent a room limit increased to £7,500

The current £4,250 limit for tax free rental income from lodgers is to be increased to £7,500 from 6 April 2016.

The relief is only available where individuals rent out a room in their main residence and the allowance includes heating and other services provided to the lodger.

Could you make use of this relief by renting out your home during premium periods such as the Reading Festival, Henley Regatta or Royal Ascot?  It could pay for a holiday.

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