Under the new Underused Housing Tax (UHT) many farmers are expected to be “affected owners” given the common ownership structures of farms.
 
What you need to know:
 
• An annual UHT return must now be filed for each residential property by certain legal owners (known as affected owners)
• There are exemptions available from the one percent tax, but affected owners will need to file an annual return to claim them
• There is a grace period during this first year of implementation: no penalties or interest will be charged for 2022 returns or payments received by October 31, 2023
 
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