Tax deposit certificates need to be used this year
HMRC is writing to taxpayers who have purchased a certificate of tax deposit (CTD) to remind them that the scheme is closing this year. When do these need to be used by, and what should you do if you can’t use them?
A CTD could previously be purchased as a way to lodge money with HMRC in advance of an actual tax liability and, until 2017, was open to individuals and companies. A CTD was useful where an enquiry was ongoing as a means to save interest on an eventual assessment. The scheme closed from November 2017, but CTDs purchased prior to that can still be used. However, this will cease on 23 November 2023. HMRC is writing to all parties that it believes have unutilised CTDs to remind them that they will not be able to use them after the cut-off date, but where the correct correspondence address is not held by HMRC, CTD holders may miss the reminder letter.
If you hold a CTD but do not receive a letter, you should write to HMRC at the following address:
CTD Team, Floor 6, 1 Atlantic Square, 21 York Street, Glasgow, G2 8JQ
If you cannot utilise your CTD, you should follow HMRC’s guidance to withdraw it promptly. If you have lost a certificate, you will need to contact HMRC urgently at the address above to resolve this.
Related Topics
-
New HMRC guidance on winter fuel payments
HMRC has released new guidance on the recovery of winter fuel payments. What do you need to know?
-
Festive tax breaks for remote workers
You’re familiar with the tax break for Christmas parties but you now have a few remote workers, and the company will need to reimburse their travel and accommodation costs if they attend an event. Which costs count towards the tax-free limit and how can you manage any overspend?
-
New process for some exports starting in Northern Ireland
Starting next month, businesses that import goods via Northern Ireland will need to change their processes. What do you need to know?
This website uses both its own and third-party cookies to analyze our services and navigation on our website in order to improve its contents (analytical purposes: measure visits and sources of web traffic). The legal basis is the consent of the user, except in the case of basic cookies, which are essential to navigate this website.