ATED – File from 1 April to avoid penalty charges and claim relief…

The annual tax on enveloped dwellings (ATED) has been in place since 2013.

The regime applies to properties with a value of £500,000 or more, with the valuation date being either 1 April 2012, or the purchase date if later.  The next valuation date is 1 April 2017.

If a property is within the ATED regime a return must be filed before 30 April.

In the majority of cases i.e. where the property is rented out and full relief can be claimed, no tax will be due.  However returns must still be filed in order to claim relief from the charge and avoid penalties.

If you own UK residential property and it is held in a company, partnership with a corporate member or collective investment scheme then it is important that you take action to meet your ATED filing obligations.

If you would like assisstance please do not hesitate to contact us.