ATED (Additional Tax on Enveloped Dwellings) for the year ended 31 March 2017 – new threshold
For the tax year 2016/17 you may have a liability to pay tax or at least an obligation to file a return if you have a property that is:
- a residential property;
- in the UK;
- valued at more than £500,000 on 1 April 2012, (or at acquisition if later);
- owned, completely or partly, by a company, partnership where one of the partners is a company, or a 'collective investment vehicle'(for example, a unit trust)
Certain people are excluded from the charge and are not required to complete a return, for instance, a person that owns property in the capacity of trustee of a settlement or who is a beneficiary of a settlement or who holds property as a bare trustee/nominee.
There are reliefs available in relation to the tax charge that result in no ATED liability but any liability due is payable by 30 April 2016. The previous value of property to which ATED applied was £1m.
If you need assistance with the completion of a return or information as to whether ATED may apply to you, please contact us.
Date: 12th April, 2016
Articles from this Author
Contact Business Service Partners
Choose from the drop down menu below to select a Partner to contact.
19 TAG Alliances Member Firms will be gathering in the Isle of Man this weekend for the 2018 UK and Ireland Regiona… twitter.com/i/web/status/1…
For the latest Mercer & Hole news, visit our LinkedIn page mercer-&-hole