Annual Chargeable Amounts
Further to introduction of ATED on "enveloped dwellings" which worth more than £ 2 mln, we would like to bring you latest update on this matter and advise that the annual chargeable amounts for ATED are increased each year in line with the Consumer Prices Index (CPI). You must ensure that you calculate your liability based on the correct charges before filing your return as they are subject to change.
Budget 2014 announced a reduction in the threshold from £2 million to £500,000 to be introduced over 2 years. From 1 April 2015 a new band will come into effect for properties with a value greater than £1 million but not more than £2 million with an annual charge of £7,000. For those persons who fall into this new threshold there is a transitional rule where returns will be due by 1 October 2015 and payment by 31 October 2015. From 1 April 2016 a further new band will come into effect for properties with a value greater than £500,000 but not more than £1 million with an annual charge of £3,500. For future years these charges will be indexed in line with the previous September CPI.
We would update you further on new developments in this field.
Posted on Apr 02, 2014.