Airbnb given boost as IoD says sharers should not pay tax on first £10k

Airbnb given boost as IoD says sharers should not pay tax on first £10k

first_img Share Monday 24 November 2014 9:27 pm Airbnb given boost as IoD says sharers should not pay tax on first £10k whatsapp Kate McCannKate McCann is a reporter at City A.M. She covers politics and insurance and can be contacted at [email protected] Tags: Airbnb Sharing economy More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgColin Kaepernick to publish book on abolishing the policethegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgcenter_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeHero WarsThis game will keep you up all night!Hero WarsTele Health DaveRemember Pierce Brosnan’s Wife? Take A Deep Breath Before You See What She Looks Like NowTele Health DaveMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryThe No Cost Solar ProgramGet Paid To Install Solar + Tesla Battery For No Cost At Install and Save Thousands.The No Cost Solar ProgramMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailMedical MattersThis Picture Shows Who Prince Harry’s Father Really IsMedical MattersFungus EliminatorIf You Have Toenail Fungus Try This TonightFungus EliminatorThe Chef PickElisabeth Shue, 57, Sends Fans Wild As She Flaunts Age-Defying FigureThe Chef Pick Show Comments ▼ Rental groups such as Airbnb could soon become even more attractive if the Institute of Directors (IoD) gets its way. The business group has called on the government not to tax sharers on the first £10,000 they make by monetising their assets. Currently, those renting their home get £4,250 tax-free under rules first created 18 years ago. The IoD is lobbying ministers first to up this limit to £6,960 to take into account inflation, then to increase it to £10,000 in line with the personal allowance. The business group also wants the govern­ment to take the lead and open the tax-free scheme up to home rentals through Airbnb and other sites, ride-sharing and asset hire. The government has indicated that it is keen to ex­plore how the sharing economy can be more formally recognised in the UK. Busi­ness minister Matt Hancock used the Cons­ervative party conference earlier this year to launch a consultation into the area, following similar reviews into digital currency and crowd-sourcing. Last week, he told City A.M. that the government wanted to build a nation of entrepreneurs and would “put a rocket booster” under the sharing economy to make this happen quickly. “Renting out your home can earn you an average of £3,000 each year which is hardly small change and it’s a good route to self-employment,” he added. Author of the IoD report Jimmy McLoughlin said yesterday: “The government has made clear its desire to establish the UK as a global leader in the sharing economy, and we wel­come this commitment. At its simplest, the sharing economy is about letting people make the most of their assets and the government should establish a tax regime that encourages and supports this.” last_img

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