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
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