UK and International Tax news

ATED Rates For 2022-23

Monday 21st February 2022

Revised annual chargeable amounts of Annual Tax on Enveloped Dwellings by taxable value of an interest on the relevant day, being 1 April 2017 or at acquisition if later, apply for the chargeable period 1 April 2022 to 31 March 2023

Companies, partnerships with at least one corporate member, and collective investment schemes owning high value residential property (£2m since 2013/14, £1m since 2015/16 and £500,000 since 2016/17) have been required to file ATED returns since 2012. Where an ATED charge was payable, it was calculated on the relevant property’s value on 1 April 2012 or, if later, the acquisition date.

From April 2018, the ATED payable by companies is calculated on the value of the relevant property on 1 April 2017, or acquisition date if later.

Returns must be submitted on or after 1 April in any chargeable period. Returns for 2021/22 and ATED tax for existing properties are due by 30 April 2022, with updated values as appropriate.

The annual chargeable amounts are increased by 3.1%, in line with the September 2021 CPI.

The revised annual chargeable amounts are:

Property Value                                                     2021-22                      2022-23

 

£500,001 to £1m                                                    £3,700                        £3,800

£1,000,001 to £2m                                                 £7,500                        £7,700

£2,000,001 to £5m                                               £25,300                      £26,050

£5,000,001 to £10m                                             £59,100                      £60,900

£10,000,001 to £20m                                          £118,600                    £122,250

Over £20m                                                         £237,400                    £244,750

 

 

If you would like more information on the above, please contact Keith Rushen on 0207 486 2378.

 

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