Update on the taxation of high-value residential properties
A new annual tax on enveloped dwellings (ATED) was introduced on 1 April 2013. It applies to residential properties in the UK valued over £2m, if they are held by a ‘non-natural person’ (a company, a partnership with a company member or a collective investment scheme).
The amount of the annual tax depends on the value of the property concerned and ranges from £15,000 to £140,000. A number of reliefs are available to ensure that the tax does not apply to genuine commercial activities, e.g. property developers and property rental businesses…
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