UK and International Tax news

ATED Rates For 2024-25

Monday 4th March 2024

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

Companies must revalue their property every five years in line with ATED legislation and the current chargeable period April 2023 to March 2024 is a revaluation year. The valuation date of 1 April 2022 or the date of acquisition if later, must be used to revalue their properties.

Returns must be submitted by 30 April if the property is within the scope of ATED on 1 April or, if later, within 30 days of acquisition. Current year returns [2023/24] and ATED tax for existing properties were due by 30 April 2023.

For the next chargeable period 2024/25, the annual chargeable amounts are increased by the change in the September 2023 CPI [6.7%] and will be as follows:

Property Value                                                     2024-25                      2023-24

£500,001 to £1m                                                    £4,400                        £4,150

£1,000,001 to £2m                                                 £9,000                        £8,450

£2,000,001 to £5m                                               £30,550                      £28,650

£5,000,001 to £10m                                             £71,500                      £67,050

£10,000,001 to £20m                                          £143,550                    £134,550

Over £20m                                                         £287,500                    £269,450

 

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

 

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