HMRC has published detailed guidance for the new annual tax on enveloped dwellings (ATED). The guidance covers: the operation of the new tax, with examples of common situations where ATED will apply; HMRC’s view on the meaning of key terms, including ‘dwelling’; information on when ATED returns must be completed by chargeable persons, and how to claim reliefs in those returns.
An EY briefing observes: ‘Each relief has been given a number and, interestingly, there is an additional number, “code 9” which is unassigned and which the guidance says will be used if the government decides to introduce new reliefs. This suggests that the government envisages the possibility that the existing reliefs may be added to if interested parties can convince the government that they have been unfairly affected by the new tax.’
The first chargeable period for ATED is 1 April 2013 to 31 March 2014. For persons within the charge, the first returns are due on 1 October 2013.
HMRC has also published:
Introductory guidance to the new disincorporation relief introduced from 1 April 2013, which includes references to detailed guidance in its Corporate Intangibles Research & Development Manual and Capital Gains Manual;
Pension Schemes Newsletter 58;
ISA Bulletin 55; and
the August 2013 issue of Trusts & Estates Newsletter.
HMRC has published detailed guidance for the new annual tax on enveloped dwellings (ATED). The guidance covers: the operation of the new tax, with examples of common situations where ATED will apply; HMRC’s view on the meaning of key terms, including ‘dwelling’; information on when ATED returns must be completed by chargeable persons, and how to claim reliefs in those returns.
An EY briefing observes: ‘Each relief has been given a number and, interestingly, there is an additional number, “code 9” which is unassigned and which the guidance says will be used if the government decides to introduce new reliefs. This suggests that the government envisages the possibility that the existing reliefs may be added to if interested parties can convince the government that they have been unfairly affected by the new tax.’
The first chargeable period for ATED is 1 April 2013 to 31 March 2014. For persons within the charge, the first returns are due on 1 October 2013.
HMRC has also published:
Introductory guidance to the new disincorporation relief introduced from 1 April 2013, which includes references to detailed guidance in its Corporate Intangibles Research & Development Manual and Capital Gains Manual;
Pension Schemes Newsletter 58;
ISA Bulletin 55; and
the August 2013 issue of Trusts & Estates Newsletter.
