HMRC unveil Stamp Duty Avoidance plans
The HMRC has unveiled the details of the new Annual Tax on Enveloped Dwellings (ATED), an initiative 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.
The ATED return form can be downloaded from the HMRC website.