Property Tax Compliance

5th February 2016

Annual Tax on Enveloped Dwellings (ATED): Threshold reduced.
The ATED charge applies to companies which own residential properties. On 1 April 2016, the lower threshold will be reduced from £1 million to £500,000. This will mean that many more companies will be caught within the ATED rules.

The deadline for submission of the 2016/17 forms, and payment of the tax if applicable, is 30 April 2016, so it would be timely to consider the market value of the properties owned at 1 April 2016 now to see if a return is due. Even if no tax is chargeable, because a claim for relief under one of the eight categories is available, a form will still need to be submitted.

The annual tax charge for properties valued between £500,000 to £1 million will be £3,500 for 2016/17.

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