Most residential properties (dwellings) are owned directly by individuals. But in some cases a dwelling may be owned by a company (or other collective investment vehicle).
In these circumstances the dwelling is said to be ‘enveloped’ because the ownership sits within a corporate ‘wrapper’ or ‘envelope’.
You must revalue your property every 5 years in line with ATED legislation. The 2023 to 2024 chargeable period is a revaluation year.
If you acquired a property:
- on or before 1 April 2022 — use 1 April 2022 as the revaluation date
- after 1 April 2022 — use the date you acquired it as the valuation date