The "Rent A Room Scheme" was introduced by the Finance Act 2001. Its
main aim was to increase the availability of rented residential
accommodation and permitted a person to let a room (or rooms) in
their principal private residence, with gross annual rental income
of up to 7,620 being exempt from tax. Room rentals coming within
the scope of this scheme will not trigger a clawback of any stamp
duty relief, nor will it affect full entitlement to Capital Gains
Tax principle private residence relief (in the event of a subsequent
disposal of the property) nor full entitlement to mortgage interest
relief.
Philip O'Reilly & Co Ltd., trading as "Philip O Reilly Property Plus" is regulated by the Financial Regulator as a Multi Agency Intermediary & Mortgage Intermediary in respect of Mortgages & Financial Services. Property Services are not regulated by the Financial Regulator.
