UK and International Tax news

ATED Rates For 2021-22

Friday 5th March 2021

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 2021 to 31 March 2022.

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. 2021/22 returns and ATED tax for existing properties are due by 30 April 2021, with updated values as appropriate.

The annual chargeable amounts are increased in line with the September 2020 CPI which was 0.5%.

The revised annual chargeable amounts are:

Property Value                                                     2021-22                      2020-21

 

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

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

£2,000,001 to £5m                                               £25,300                      £25,200

£5,000,001 to £10m                                             £59,100                      £58,850

£10,000,001 to £20m                                          £118,600                    £118,050

Over £20m                                                         £237,400                    £236,250

 

 

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

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