HMRC have recently sent letters to non-resident companies that own UK residential property and have filed annual tax on enveloped dwellings (ATED) returns for the property since 2018.
The letters state that information in HMRC’s possession shows that the bands used in the returns may be incorrect and that the companies may need to tell HMRC about more tax that is due by making a disclosure.
The letter also states “If you think you don’t need to make a disclosure, you need to tell us why.”
Related content from Claritax Books
Property Investment, by Satwaki Chanda, is a major work for serious property investors and their professional advisers. The text leads the reader through the cycle of property ownership, from acquisition to eventual disposal. At each stage, the complex tax issues are clearly explained and fully illustrated.