Manchester's Leading Developer

Building Manchester For 28 Years

ACQUISITION COSTS

Repairs
Maintenance

Repairs and maintenance of a property are the responsibility of the  owner. However, tenants may be liable for damage caused barring normal  wear and tear. Between tenants, the owner will need to ensure that the property is in a good condition for it to be re-let, which will include repairs and regular redecoration.

Management
Fees

These fees are charged by a lettings and management agency for their services.

Annual Tax on
Enveloped Dwellings

As a result of owning a UK residential property through a company, there may be an obligation to pay the Annual Tax on Enveloped Dwellings (ATED). From 1st April 2016 a further new band came into effect for properties valued above GBP 500,000 but below GBP 1 million. In the future, these  charges will be indexed in line with the previous September’s Consumer Price Index.

The table below outlines the ATED levy amounts for 2018 & 2019

Property ValueAnnual Levy
Year ending 31st March 2018Year ending 31st March 2019
Up to GBP 500,000NILNIL
GBP 500,001 – GBP 1,000,000GBP 3,500GBP 3,600
GBP 2,000,001- GBP 5,000,000GBP 23,550GBP 24,250
GBP 5,000,001 – GBP 10,000,000GBP 54,950GBP 56,550
GBP 10,000,001 – GBP 20,000,000GBP 110,150GBP 113,400
GBP 20,000,001 and overGBP 220,350GBP 226,950

There are a number of reliefs from the ATED available, which can be claimed by completing a tax return. We recommend that you seek professional advice when completing any tax returns as an incorrect or late filing will incur penalties.

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