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Do you use a company to hold your properties in the UK?

Tax

Murray Beith Murray

Friday, 07 October 2016

3943 Hits

The Annual Tax on Enveloped Dwellings (“ATED”) was introduced in April 2013 as part of a series of measures designed to discourage corporate ownership of UK residential property.

This annual charge is imposed on non-natural persons* owning UK residential property and originally applied to properties worth more than £2 million. However, from April 2016, properties valued at more than £500,000 are caught by the ATED regime.

Property Value at 1 April 2012	ATED from 1 April 2016
Less than £500,000	N/A
£500,000 - £1 million	£3,500
£1 million - £2 million	£7,000
£2 million - £5 million	£23,350
£5 million - £10 million	£54,450
£10 million - £20 million	£109,050
More than £20 million	£218,200

*Definition of non-natural persons is Companies, Partnerships with one or more corporate partner, (Partnerships comprising of individuals are not affected) and collective investment schemes

There are a number of reliefs available, for example:

Property development and trading businesses
Property rental business where the property is let to an unconnected third party
Farmhouses
Properties open to the public
Property occupied by certain partners or employees

If reliefs apply, this must be claimed each year via submitting an ATED Return

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