by Annual Tax on Developed Dwellings (ATED) returns for properties – matching the criteria, owned between the April 1 2022 to March 31 2023 period is required to be filed by April 30 2022. It applies to properties whereby it is valued in excess of £500,000, that are owned by a company or within a corporate wrapper, furthermore if the value of the dwelling has increased in recent years and its market value is more than £500,000 by the end of March 2022. There are various reliefs from these returns:
- Let to a third party on a commercial basis and isn’t, at any time, occupied (or available for occupation) by anyone connected with the owner;
• open to the public for at least 28 days a year as part of a trade;
• being developed for resale by a property developer;
• owned by a property trader as the stock of the business for the sole purpose of resale;
• repossessed by a financial institution as a result of its business of lending money;
• acquired under a regulated home reversion plan;
• being used by a trading business to provide living accommodation to certain qualifying employees (provided they are entitled to less than 10% of the trade profits, the single dwelling interest and the company holding the single dwelling interest);
• a farmhouse occupied by a farm worker or a former long-serving farm worker;
• owned by a registered provider of social housing
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Have you checked if you are due to be filing these taxes?