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In April ATED will apply to a new banding of properties, those between £500,000 and less than £1m.

The annual charge will be £3,500. The current bandings are:

Chargeable amounts

Property value Annual charge
More than £1m but not more than £2m £7,000
More than £2m but not more than £5m £23,350
More than £5m but not more than £10m £54,450
More than £10m but not more than £20m £109,050
More than £20m £218,200

HMRC is working on a new digital service for this tax and is seeking feedback.

Article extracted from ACCA “In Practice” Newsletter