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The annual residential property tax (ARPT) is set to come into effect on 1 April.
HMRC will carry out what they call pre-return banding checks on high-value residential properties owned by taxpayer companies, to determine if they are liable to the new levy.
The service is available on request when a taxpayer is not due a relief that will reduce the ARPT charge to nil and the value placed on the property falls within 10% of a banding threshold.
The annual residential property tax (ARPT) is set to come into effect on 1 April.
HMRC will carry out what they call pre-return banding checks on high-value residential properties owned by taxpayer companies, to determine if they are liable to the new levy.
The service is available on request when a taxpayer is not due a relief that will reduce the ARPT charge to nil and the value placed on the property falls within 10% of a banding threshold.
The Revenue will not confirm the specific valuation of a property. The department will either concur that the chosen band is appropriate based on the information provided, ask for further information to help make a decision, or disagree with the chosen band.
A building’s interior will be inspected in some cases. HMRC will normally be able to accept valuations prepared by a professional property valuer, but they reserve the right to enquire into any subsequent ARPT returns and challenge information or valuations in returns that they believe to be at risk of being incorrect.
