Annual Residential Property Tax (ARPT)

The government intends to introduce certain measures from, April 2013 that will affect residential properties valued at over £2million where they are owned by “non-natural” persons. “Non natural” persons include companies and partnerships with company members as well as collective investment schemes. Properties over £2million are considered as high value properties.

Some of the ARPT measures that are being put into place for properties owned by “non natural” persons include:

  • Properties valued between £2million and £5million – the ARPT will be £15,000
  • Properties valued between £5million and £10million – the ARPT will be £35,000
  • Properties valued between £10million and £20million – the ARPT will be £70,000
  • Properties valued over £20million – the ARPT will be £140,000

There are certain reliefs in place that may be available to you such as if the property is part of a property rental business or was acquired as part of a property development or trading business.

For further advice and assistance please contact Alexander & Co today on 0161 832 4841 or complete our online enquiry form and one of our specialist tax accountants will be in touch promptly.