HMRC have issued a note about Annual Tax on Enveloped Dwellings (ATED) and the need to revalue in 2023-24:
“For ATED, dwellings must be valued every five years and the 2023-24 tax year is a revaluation year. Therefore, where an entity owns UK residential property and the value of the property exceeds the £500,000 threshold, they must revalue their property using 1 April 2022 as the valuation date, or the date of acquisition if the property was acquired after that date.
Some entities may own properties that were worth £500,000 or less at the last ATED valuation date or when they were purchased and so were not liable to ATED at the time. They will now need to check whether those properties are valued over £500,000 as at 1 April 2022, to establish whether they now fall within the scope of ATED. If so, the tax must be paid in April 2023.
More information about ATED is available here.“
https://www.tax.org.uk/annual-tax-on-enveloped-dwellings-ated-revaluation
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