And sadly not by popular demand.
The “Annual Tax on Enveloped Dwellings” came into force on 1 April 2013 in respect of UK residential properties worth over £2 million and owned by companies or by corporate partnerships. A full briefing on ATED may be found on our webpages.
The tax and the return for the year to 31 March 2015 must both be dealt with by 30 April 2014. The amount of the tax charge depends on the value of the property and currently 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.
For assistance and guidance on ATED returns or planning, please get in touch with your usual contact partner.