Brian rents out a room in his main residence for £5,000. In 2012/13 allowable expenses relating to the rental were £600.
What is Brian's taxable rental income for 2012/13?
Please input answer: £________
The correct answer is: £750.
Elect to assess rents received over £4,250 under the rent-a-room scheme.
£5,000 - £4,250 = £750
No deduction is then available for expenses.
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