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Isle Of Man Ditches Rent-A-Room Tax Relief Proposals

by Amanda Banks, Tax-News.com, London

12 December 2011


The Isle of Man Treasury has announced that it will not pursue tax relief proposed for room rentals following responses received in response to a consultation launched in September 2011.

The government had proposed that individuals letting one or more rooms in their own home to private tenants for residential purposes would be newly eligible to receive tax-free income of up to GBP1,500 (USD2,340) per year. Similarly, under the proposals, a married couple or civil partners jointly assessed for tax would be able to receive tax-free income of up to GBP3,000 per year. The proposed relief was to be subject to a number of limitations, including that the house must be in the Isle of Man and be the primary resident of the taxpayer claiming the relief.

Criticisms of the proposals included that the initiative would increase the complexity of the island's tax system with no discernible benefits for those on low incomes. It was noted that the combined income of less affluent taxpayers would likely fall below tax thresholds anyway and therefore relief would likely only benefit those on more significant incomes.

Following responses received, the Isle of Man Treasury has confirmed it has retracted the proposal.

TAGS: individuals | Isle of Man | tax | real-estate | international financial centres (IFC) | tax thresholds | offshore | tax breaks

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