Tax Updates – Autumn 2022

There have been a few updates and changes recently made to trusts and property taxes.

We have noted below key dates and exemptions that you may apply to you:

Annual Tax Enveloped Dwellings (ATED)

A new valuation will be required for 2023/24 ATED returns, and all residential properties owned by a company, or “non-natural persons” must be revalued on April 01st, 2022.

These are just some of the issue’s that arise, there are other issues for employers which would need reviewing.

This value should then be applied to your 2023/24 ATED returns and the following four tax years.

It is advisable to prepare the valuation as early as possible to arrange for potential ATED payments or increased payments that will due. Also note that the valuation date for any properties acquired after April 01st, 2022 will be the acquisition date.

Please contact a member of our team for further information as a new valuation may not necessarily be required where a relief has applied; and is expected to continue to apply, throughout the entire ownership period.

Trust Registration

We recently circulated a reminder to our clients that all UK trusts and certain offshore (non-UK) needed to be registered with the UK Trust Registration Service by September 1st, 2022.

If you meet the requirements and are yet to register with the UK Trust Registration Service, please contact our team.

Register of Overseas Entities (ROE)

The new ‘Register of Overseas Entities’ (ROE) was created on August 1st, 2022 as a method to reduce money laundering through UK properties.

Overseas entities who own or lease land or property in the United Kingdom will need to register details of their beneficial owners and managing officers with Companies House by January 31st, 2023.

Should you require any further information or assistance on any of the above requirements, please contact our team for advice.