Owners of properties held in companies have until 31 March to revalue their property in compliance with the Annual Tax on Enveloped Dwellings (ATED) rules which require a revaluation every five years.

The revaluation can be carried out by the owner or by a professional valuer and must be based on the value of the property on 1 April 2022, or the date of acquisition if this was after 1 April 2022.

This valuation sets the rate of annual payment until the next revaluation year.

Once a property has been revalued, the annual charge is applicable for the next five years.

In line with other tax charges, the ATED rates for 2023-24 have increased between 8% and 12%.