House owners in Brixton are have made £120,000 in a year, just by renting out their drives for parking, a company has claimed.
JustPark, which organises the renting, said the owners charge an average of £9 a day but that this can rise to £25 a day near the centre of town. The number of drives it offers for rent in Brixton has increased by 50 per cent to 105 in the last year. The number of bookings increased by 30 per cent.
And while Brixton and many of its residents are suffering from funding cuts of all sorts and face increased National Insurance payments, JustPark said that from April next year homeowners will pay no tax on money they make renting out their drive up to a limit of £1,000 per year – “thanks to the new ‘sharing economy’ tax breaks for property-related income” announced in the most recent budget.
£9 * 365 is not £120,000 or any where near. Let alone £9 * 250 weekdays a year, when there are parking restrictions. And who has a drive “near the centre of town”.
No doubt all these people, if they exist, have planning permission to use the land as commercial car parks.
I think one of the facts of the item is that property owners have an additional source of tax free income. I found that informative.
“Written by Alan Slingsby on April 7, 2016 in Business, gentrification, News”
Nothing gentrifying about this post. It’s just land rental. You know, we’ve always had it. Since they enclosed the fields.
What next – allotment rental = temporary land grab ?
Please don’t spin stories on us.