Insights

Michael Jamieson

Tax Senior Manager

04 July 2024

Additional Dwelling Supplement (ADS) – Changes effective from 1 April 2024

Following an extensive consultation period by Revenue Scotland, new legislation was introduced on 1 April 2024 to alter and, in most instances, improve the Land and Buildings Transaction Tax (“LBTT”) rules in respect of the Additional Dwelling Supplement (ADS).

Jonathan Corsie

Tax Assistant Manager

30 May 2024

VAT and Commercial Property

Some of the highest value transactions that businesses incur are often related to the acquisition or disposal of commercial property.

Laura Ritchie

Tax Senior Manager

13 March 2024

Construction & Property

Return deadline approaching for Annual Tax on Enveloped Dwellings

Relevant entities that hold residential properties valued in excess of £500,000 at 1 April 2022, will need to take action. 2024/25 ATED returns are due to be submitted to HMRC by 30 April 2024.

Laura Ritchie

Tax Senior Manager

21 February 2023

Deadline approaching for Annual Tax on Enveloped Dwellings

If you’re due to submit an Annual Tax on Enveloped Dwellings (ATED) return, then now is the time to speak to your trusted business adviser at Johnston Carmichael. ATED is a forward-looking tax, which you may need to submit a return for, even if there is no tax to pay. 2023/24 ATED returns are due to HMRC by 30 April 2023 and in line with HMRC’s five-year rebasing policy, this is the first period to use a 1 April 2022 valuation date.

20 April 2022

Continuing HMRC delays cause difficulties with land and property transactions

High levels of transaction activity have resulted in greater demand for advice regarding the sale and acquisition of land and property. The VAT implications of transferring land and property assets, particularly around the option to tax, can be challenging and are crucial to consider at an early stage to prevent VAT becoming an obstacle to the completion of deals.

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