From 1st October all ATED returns must be submitted within 30 days of the date of acquisition

Are you or any of your clients buying a UK residential property via a non-natural person (e.g. trust or a company etc) for £2m plus?

If so be aware that from 1st October 2013 an ATED return and any tax due must be submitted and paid within 30 days of the date of acquisition.

Those undeterred by the estimated £100 penalty for late submission or payment should be concerned that late filing can trigger a higher risk of enquiry by HMRC. You should also bear in mind that interest will also be charged on late payment.

Mark Davies & Associates Ltd can calculate the likely ATED liability, prepare and submit ATED returns and advise on whether any of the exemptions apply. Even if there is no tax to pay, an ATED return will still be required.

Categories: Property Holding Structures, Tax Updates, Taxation of NondomsBy Mark Davies & Associates 2 October 2013