UK Residential Property

The Annual Tax on Enveloped Dwellings regime first introduced in October 2013 now captures any residential property valued at over £500,000 on 1 April 2017 owned by a corporate. Properties that have been within the ATED charge previously were required to be revalued as at 1 April 2017.

Do you hold UK residential property via a corporate structure? Have you considered if ATED applies?

The taxpayer was a public house owner and had acquired a dwelling to convert into a bed & breakfast to run as part of its existing business. It claimed relief from 15% SDLT under para 5B of Sch 4A (trades involving making a dwelling available to the public).

Rob Walker, Real Estate Tax Leader, comments on the abolishment of stamp duty for first-time buyers on properties up to £300,000.