The Financial Times cited the Centre for Policy Studies Economic Bulletin on the sharing economy in a report on taxing the sector, Saturday 25 July 2015.
“The move has implications for the ‘sharing economy’, the rapidly growing technology-driven sector that allows people to rent out their homes, vehicles and skills to third parties. Research published by the Centre for Policy Studies in May said the taxation of this sector was problematic. “People earning small amounts offering their cooking services or renting out their car are not always clear how much of, or even if, their income is taxable.”
It urged the Treasury to expanding the scope and size of the “Rent-a-Room” allowance for homeowners renting out a room to make it a personal allowance for the sharing economy. In the summer Budget, the Treasury said it would increase the Rent-a-Room relief from £4,250 to £7,500 a year from April 2016.”
To view the full article, visit the Financial Times website (£).
Date Added: Monday 27th July 2015