TQOTW: ATED & New Dwellings

TQOTW: ATED & New Dwellings

TQOTW: ATED & New Dwellings

My client has a limited company that has acquired some land to develop. They are going to develop some high value residential properties that are going to be let out on a commercial basis to third parties. One of the properties is going to be the main residence of the sole director/shareholder of the company and she will be paying a commercial rate of rent.  

As it is currently undeveloped land, at what point do we need to consider the annual tax on enveloped dwellings (ATED) as the residential property value is likely to exceed £500,000? Is there relief from ATED where the properties are let out commercially?

 

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