Properties held in envelope schemes must be revalued every five years in line with ATED legislation. The 2023 to 2024 chargeable period is a revaluation year. Companies must use the valuation date of 1 April 2022 or the date of acquisition if later, to revalue their properties.

ATED is an annual tax payable mainly by companies that own UK residential property valued at more than £500,000, including properties owned completely or partly by a company, partnership where any of the partners is a company, and collective investment schemes such as a unit trust or an open ended investment vehicle.

If the property is mixed-use, for example residential and non-residential, it is only necessary to value the residential part. For properties with more than one dwelling, such as self-contained flats, each flat will be a dwelling and has to be valued separately.