The number of homestay beds available for this year’s TT is considerably lower than the 2019 figure.
As of February 23, 522 homestay properties were registered, compared to 951 before the pandemic.
Homestays this year (so far) total 2,335, while in 2019 there were 4,167.
The Ministry of Enterprise says that 580 tourist accommodation properties (including hotels, guesthouses, bed and breakfasts, etc.) are registered, representing 6,037 beds.
In addition, 35 campsites are registered, with approximately 8,333 places or pitches. In 2019, 38% of TT visitors stayed at campsites.
The Homestay scheme, which operates for both the TT and the Manx Grand Prix, adds extra beds to the overall tourist stock for those two event periods in exchange for tax breaks for people who rent rooms.
The Business Department maintains a register of tourist accommodation.
It says the number of registered accommodations and homestay properties are subject to change.
One wonders if that will be enough – given that in 2019 46,174 visitors came to the Isle of Man for the TT.
In January, we reported that the government was encouraging more landlords to sign up for the scheme, and in the island’s 2022 budget announced last month, Treasury Minister David Ashford announced a change to taxation of rental income received under the TT. Foster family scheme.
In his budget speech, Mr Ashford announced the replacement of the additional £1,800 statutory concession from TT Homestay income with a new allocation of £2,350 from April 6, 2022.
The Department for Enterprise said the new allowance – which is now enshrined in law – “removes the ‘on the brink’ approach of the old method, where earnings above £1,800 were fully chargeable and instead introduces an allowance which is available instead of expenses’.
He provided some illustrative examples: for example – Mr Jones is registered under the Homestay scheme for 2022 for the house he and his family live in during the year.
They decided to go on vacation, off the island, during the TT period and rent their house as a room only.
The house will accommodate six people, the maximum number of guests allowed by the TT Homestay program.
The house will cost £180 per night and is rented from Saturday 28th May to Saturday 11th June (14 nights). A total of £2,520 is received for the rental period.
Mr Jones completes his tax return for the 2022/23 tax year and says he received rental income of TT£2,520 from homestay.
An allowance of £2,350 (the maximum TT Homestay allowance) is deducted from his TT Homestay rental income received, which in Mr Jones’ case leaves £170.
As Mr Jones is claiming the TT Homestay Allowance, he is not entitled to a normal claim for reimbursement. Mr Jones is only taxed on the remaining £170.
Elsewhere in the budget, the department secured a £1.2m revenue budget increase for the motorsport team to support the return of the TT and Manx Grand Prix this year after a two-week hiatus. years.
A department spokesman said: “The investment is designed to benefit both the TT and the Manx Grand Prix, as well as other motorsport events that take place on the annual calendar.”
“The increased budget represents a realistic cost to effectively fund all aspects of the delivery of the TT and Manx Grand Prix, taking into account rising costs in the process, as well as other motorsport events taking place. on the Isle of Man, to ensure their long-term sustainability, as these events remain vital to the growth of the visitor economy.
“This includes continued investments in the new Security Management System (SMS) as well as investments in marketing to grow digital and visitor audiences and event infrastructure and equipment.”
The government has reiterated that anyone wishing to rent out their property to visitors during the TT and MGP periods must be registered with Visit Isle of Man (year-round accommodation) or MiQuando (Homestay for TT and MGP only).