|ATED is coming|
October is a key month for the new "Annual Tax on Enveloped Dwellings" - the new tax which came into force on 1 April 2013 on UK residential properties worth over £2million and owned by companies or by corporate partnerships.
For all future years, the tax and the return must both be dealt with at the start of the tax year. But for this, the first year, the annual return must be filed by 1 October 2013 and the tax paid by 31 October 2013. The amount of the tax charge depends on the value of the property and ranges from £15,000 up to a maximum of £140,000: so valuations may in some cases need to be obtained before making the return.
Although there are a number of exemptions from the regime covering property developers, investors and dealers, an annual "nil return" is nonetheless required in these cases, on which any exemption from the tax must be claimed.
If you wish to know more about how the tax works, please contact us for a fact sheet or for assistance and guidance on ATED returns.