What is ATED?

The Annual Tax on Enveloped Dwellings (ATED) is a new UK tax.

Subject to some exceptions, it is payable in respect of any residential property in the UK that was worth more than £2 million on 1 April 2012 which was owned or acquired (in whole or in part) by a company on or after 1 April 2013.

ATED is charged on a daily basis and is payable annually in advance.

Why is ATED important now?

Any company that owned residential property on 1 April 2013 must file its first ATED return by 1 October 2013 and pay the tax by 31 October 2013. Penalties and interest may apply to late and/or incorrect returns.