Rhizome has been working with SpareRoom since 2009 to boost the profile of its Raise the Roof campaign, which aimed to help hard-pressed homeowners get more tax relief for renting out a room and, in doing so, boost the rental market with much-needed supply.
The government’s Rent a Room scheme tax-free threshold hasn’t changed from its current level of £4,250 per annum in the past 18 years. Since then of course, rents have increased dramatically.
But today the campaign was victorious, with Chancellor George Osborne announcing a substantial rise in the amount of tax-free income that homeowners can earn from renting out a room in their property – up to £7,500 per year.
Rhizome and SpareRoom worked closely with Solihull MP Julian Knight to submit a Budget submission to the Chancellor earlier this month, outlining reasons to increase the threshold.
This change will no doubt have a positive impact on the housing crisis, allowing us to make better use of existing accommodation, creating a source of vital income for struggling homeowners and providing more affordable rental accommodation.
The plans announced in today’s Summer Budget, which kick in from April 2016, are a huge win for both the Raise the Roof campaign and for the millions of renters and homeowners across the UK.
But this is also a big win for Rhizome PR! It’s certainly given us reason to cheer, even with a Tube strike about to begin…
Here are some of the first pieces coverage we generated in the hours after the Budget, after our reactive team leapt into action: