Skip to content
Search
AI Powered
Latest Stories

Deadline nears for revaluation of residential property owned by companies

Deadline nears for revaluation of residential property owned by companies
Photo: iStock
Getty Images

The HM Revenue and Customs (HMRC) has reminded businesses that they have only one month left to revalue the UK residential properties they own and tell the agency if any are worth more than £500,000.

Under the government’s Annual Tax on Enveloped Dwellings (ATED) rules companies must revalue UK residential properties every five years, and 2023 to 2024 is one of those years.


The revaluation can be done by the owner or by a professional valuer and must be based on the value of the property on 1 April 2022, or the date of acquisition if this was after 1 April 2022. This valuation sets the rate of annual payment until the next revaluation year.

Companies must submit their ATED return to HMRC and make any payments for the 2023 to 2024 period between 1 and 30 April 2023 or they could face a penalty.

“It is essential that companies act quickly to complete the revaluations of their residential property portfolios, however large or small, and pay what they owe,” Morris Graham, HMRC’s head of stamp taxes policy, said.

He urged the companies that are new to the ATED to familiarise themselves with the guidance on GOV.UK.

Once a property has been revalued, the annual charge is applicable for the next five years. The charge is dependent on the property’s value and starts at £4,150 for properties valued between £500,000 and £1 million.

This increases to £28,650 a year for properties valued between £2 million and £5 million, and £269,450 for properties worth more than £20 million. A full list of rates can be found on GOV.UK.

Companies that own residential properties in the UK, which were previously worth less than £500,000, should ensure they undertake a revaluation and notify HMRC by completing an ATED return if any of their properties now exceed the threshold.

More for you

Budget 2024: Local shops to face significant new pressure

(Photo by JUSTIN TALLIS/AFP via Getty Images)

(Photo by JUSTIN TALLIS/AFP via Getty Images)

Budget 2024: Local shops to face significant new pressure

Local shops will face significant new pressures as a result of today’s Budget, the Association of Convenience Stores (ACS) has warned.

Chancellor Rachel Reeves' budget's impact will be felt unevenly across the UK’s 50,000 convenience stores, with some measures such as business rate relief and the increased employment allowance mitigating costs for smaller independent stores, while providing no help for chains and larger independent businesses.

Keep ReadingShow less
Post Office cash deposits and withdrawals
Post Office, DPD partners to rollout ‘Click and Collect’ services
Post Office, DPD partners to rollout ‘Click and Collect’ services

Parliament to launch inquiry into Post Office Horizon scandal compensation delays

Parliament is to launch an inquiry into delays in compensation settlements for sub postmasters affected by the Horizon scandal.

The newly-formed Business and Trade Select Committee will call ministers, subpostmasters and their lawyers to give evidence next week with a second session to follow in mid-November. The Committee’s chair, Liam Byrne MP told ITV News that there was “definitely a delay” in people coming forward for payment.

Keep ReadingShow less
Bacup Wine and Convenience shop, 34 Burnley Road, Bacup.

Bacup Wine and Convenience shop, 34 Burnley Road, Bacup.

Robbie MacDonald via LDRS

Shop’s licence bid rejected over illegal vapes and ‘no regard’ for children’s safety

A Rossendale shop has had a licence bid rejected after repeatedly selling vapes to children and having illegal products on its premises.

Management at the Ibra Superstore at 34 Burnley Road, Bacup, have shown ‘no regard’ for children’s protection and safety, and have insufficient controls for licensing, Rossendale councillors have ruled.

Keep ReadingShow less
SPAR retailer hits target to secure £100,000 free stock from James Hall

SPAR retailer hits target to secure £100,000 free stock from James Hall

SPAR North of England retailer Dara Singh Randhawa’s family store has been awarded £100,000 of free stock after hitting all his targets since moving to the symbol.

Dara and his family, who have their SPAR store in Patrington in the East Riding of Yorkshire, joined SPAR through its association with James Hall & Co. Ltd in August 2023 having taken the decision to maximise the store’s potential.

Keep ReadingShow less
Pound Sterling bank notes
iStock

National Living Wage to increase to £12.21 in April 2025

The government has on Wednesday announced its acceptance of the Low Pay Commission’s (LPC) recommendations on the rates of the National Minimum Wage (NMW), including the National Living Wage (NLW).

The rates which will apply from 1 April 2025 are as follows:

Keep ReadingShow less