The Department for Enterprise is reminding Isle of Man householders that Friday, April 29 is the deadline for registering or renewing their property for the popular Homestay Scheme.

The Homestay Scheme is operated by Isle of Man firm MiQuando and provides an opportunity for households to host paying visitors for the TT Races and the Manx Grand Prix.

The total number of registered properties is currently 652.

Questions surround whether this will be enough – given the fact that in 2019, 46,174 visitors came to the Isle of Man for the TT.

Back in January, we reported that the government was encouraging more homeowners to sign up for the scheme, and in the island’s 2022 Budget the Treasury Minister David Ashford announced a change in respect of the taxation of rental income received under the TT Homestay scheme.

In his budget speech Mr Ashford announced the replacement of the £1,800 extra statutory concession on TT Homestay income with a new allowance of £2,350 from April 6.

The Department for Enterprise stated that the new allowance – which is now written into statute – ‘removes the “cliff-edge” approach of the old method, where income above £1,800 was chargeable in full and instead introduces an allowance which is available in lieu of expenses’.

During the TT period ‘Homestay Hosts’ can earn up to £2,350 tax free income.

Households which do not register for the scheme will not have access to the tax free allowance and will not be covered by the Department’s Public Liability insurance.

Any household looking to offer Homestay during the period must be registered. Registration is quick and easy, with fees of £60 for a new one-year registration or £80 for two years.

The fee includes an inspection visit, plus marketing on the official Homestay website www.iomhomestay.com and social media pages.

Copies of the Homestay Hosts information pack and registration form are available to download from the hosts section of the Homestay website.