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ATED? Me? You’re kidding!
KEY POINTS
- All property letting and development companies could be affected by the annual tax on enveloped dwellings.
- Nil returns may have to be made even if ATED is not payable.
- Deciding whether there is a dwelling needs particular attention.
- ATED liabilities are due on the return filing date.
- Returns can be amended or additional ones for the year filed.
Russian oligarchs may not be among your clients but you probably have property letting and property development companies in your portfolio. Read on well before 30 April because the annual tax on enveloped dwellings (ATED) might have a kick in the tail for you. Failing to appreciate the nuanced ATED distinction between ‘exempt’ and ‘in charge but relievable’ could land your corporate clients with penalties of £1...
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