A company is liable to pay ATED if it owns residential property in the UK that is:
- A dwelling
- Is in the UK
- Was valued at more than £1 million on 1 April 2012, or at acquisition if later.
- Is owned completely or partly by: a company; a partnership whereby one of the partners is a company; or, a collective investment scheme e.g. unit trust or open-ended investment vehicle.
ATED carries a flat rate of annual tax based on the value of a property. There are open-ended value bands which properties fall into and the tax liability increases with each band. Property valuations are recalculated for ATED purposes every 5 years so the band in which a property falls may change.
How Churchgates can help
- Completion and submission of ATED returns
- Monitoring changes in legislation
- Payment reminders and compliance with HMRC regulations
For further information, please do not hesitate to contact us.