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…
Click on the link below to read the rest of the Withers briefing.
News from Withers
News from The Lawyer
Briefings from Withers
22 April 2014 marked ‘the largest reform of the family justice system any of us have seen or will see in our professional lifetimes’, according to the president of the Family Division.
Withers’ Graham Elliott discusses the points he found most interesting from this year’s Charity Tax Group annual meeting.
Analysis from The Lawyer
A merged Withers and Speechly Bircham would have scaled The Lawyer’s UK 200 with a turnover of about £170m, and created one of the world’s largest specialist private client teams. So what went wrong?