ATED companies must revalue their property in 2023
What is ATED?
ATED (annual tax on enveloped dwellings) is payable by companies that own residential property at a value of £500,000 or more. This includes part ownership by the company, collective investment schemes, and partnerships where any of the partners is a company. It is only necessary to revalue the residential part of a mixed-use property; and for properties such as self-contained flats, each flat will need to be valued separately. Relief and exemptions are available under certain conditions for a number of sectors including property-development, investment, and charities.
Meaning of ‘Dwelling’
Your property will be a dwelling if all or part of it is used, or could be used as a residence, for example a house or flat. It includes any gardens, grounds and buildings within them. Find out about valuing different types of properties, for example mixed use, more than one dwelling and multiple interest properties on the HMRC website. Annual Tax on Enveloped Dwellings: work out the value of your property – GOV.UK (www.gov.uk)
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