Scheme to stop Stamp Duty Avoidance
A new Annual Tax on Enveloped Dwellings (ATED), has been developed by HRMC , it has been designed to clamp down on Stamp Duty avoidance.
The tax is aimed at companies, collective investment schemes and partnerships that have purchased property in the UK worth £2m or more.
These types of bodies will now have to complete an ATED tax return. Depending on the property’s value they will have to pay annual tax of between £15,000 and £140,000.
A deadline for completing the reform will be the 1st October 2013 with the tax due from 1st April 2013.
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