Property Changes from 1 April 2015 – a reminder
From 1 April 2015 the charges on enveloped properties (those held other than by individuals) are changing. The tax regime – Annual Tax on Enveloped Dwellings (ATED) -has new bands and rates as below:
|Property Value||2014/15 Charge||2015/16 Charge|
|More than £500k up to £1m (for 2016/17 onwards)||-||-|
|Morre than £1m up to £2m||-||£7,000|
|More than £2m up to £5m||£15,400||£23,350|
|More than £5 up to £10m||£35,900||£54,450|
|More than £10m up to £20m||£71,850||£109,050|
|More than £20m||£143,750||£218,200|
The valuation date used is 1 April 2012 or acquisition date if later.
- companies already within the ATED regime will have to submit their ATED return and pay the tax no later than 30 April 2015;
- companies with properties valued between £1 and £2 million that are new to the regime have until 1 October 2015 to submit their return and 31 October 2015 to pay the charge.
From April 2016 the value limit reduces again to £500,000.
Date: 8th April, 2015
Articles from this Author
20th July, 2017
Uncertain times for winding up transactions
3rd July, 2017
9th June, 2017
27th April, 2017
Government places Making Tax Digital legislation on hold
Contact Business Service Partners
Choose from the drop down menu below to select a Partner to contact.
For the latest Mercer & Hole news, visit our LinkedIn page mercer-&-hole