UK and International Tax news

ATED Rates For 2017-18

Wednesday 15th February 2017

HMRC has recently confirmed the annual chargeable amounts of ATED by taxable value of an interest on the relevant day [being 1 April 2012 or at acquisition if later] for the chargeable period 1 April 2017 to 31 March 2018.

Taxable Value                                                         ATED

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

£1,000,001 to £2m                                                 £7,050

£2,000,001 to £5m                                               £23,550

£5,000,001 to £10m                                             £54,950

£10,000,001 to £20m                                         £110,100

Over £20m                                                        £220,350

The amounts of tax charged for each chargeable period beginning on or after 1 April are determined by reference to the “all items” Consumer Prices Index (CPI) as published by the Office of National Statistics (ONS) by reference to the previous September.  Where the CPI is higher than it was for the preceding September, the amounts of tax for the next chargeable period are increased by the same percentage increase, rounding down to the nearest multiple of £50.

Whilst the September 2015 “all items” CPI as published by the ONS was -0.1% which meant that the annual chargeable amounts for the chargeable period beginning 1st April 2016 remained unchanged from those for the previous year, that for September was 1.0% and therefore ATED charges for 2017/18 have been increased accordingly

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

 

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