On 1 April 2017, companies that hold residential investments in the UK will be required to complete an ATED (Annual Tax on Enveloped Dwellings) return. The ATED is an annual tax payable on property valued over £500,000. Initially, the ATED return only applied to properties valued over £2m; this was subsequently reduced last year to properties valued at £500,000 or over. In addition to this, any property valued for an ATED in April 2012 will need to be revalued in April 2017 in order to comply with 5-year revaluation requirements. If you need to submit an ATED 1 form either on your own behalf or if acting for a client, it is recommended that you obtain a professional valuation from an RICS Registered Valuer, entering the wrong value on ATED 1 form could result in a penalty payment to HMRC. To ensure you?re entering the correct value, get in touch with our Valuations team. With our extensive property experience in London and the South East, you can rest assured that your ATED return is in safe hands. For more information or check the Government's guidance on ATED valuations here > https://www.gov.uk/guidance/annual-tax-on-enveloped-dwellings-the-basics
Have you thought about the 1 April property revaluations?
By Robert McAllister