Real-estate tax update
The annual tax on enveloped dwellings (ATED) is an annual tax charge of up to £143,750 on residential property situated in the UK worth £2m or more that is held by certain non-natural persons. Where the non-natural person has been subject to the ATED on a property, it is also subject to the ‘ATED-related’ capital gains tax charge on a disposal of that property.
The ATED is to be extended to properties of lower values, so that as of 1 April 2015 enveloped residential properties worth between £1m and £2m will be subject to the ATED, and from 1 April 2016 this will be further extended to properties in the £500,000 to £1m price bracket.
Disposals of these properties will also be brought within the ATED-related capital gains tax charge from 6 April 2015 for properties worth £1m to £2m and from 6 April 2016 for properties worth more than £500,000…
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