Section 110 ATED: further reduction in threshold from 1 April 2016

(1)

Part 3 of FA 2013 (annual tax on enveloped dwellings) is amended as follows.

(2)

In section 94(2)(a) (charge to tax), for “£1 million” substitute “ £500,000 ”.

(3)

In section 99 (amount of tax chargeable), in the table in subsection (4), before the first entry insert—

£3,500 More than £500,000 but not more than £1 million.

(4)

The amendments made by this section have effect for chargeable periods beginning on or after 1 April 2016.