HMRC is reminding taxpayers that their Certificate of Tax Deposit (CTD) scheme is closing this year.
When do the CTDs need to be used by?
A CTD was, until 2017, a way for individuals and companies to deposit money with HMRC and use it later to pay certain tax liabilities. It was helpful in the case where an enquiry was ongoing as it saved interest on a subsequent assessment. Though the scheme closed in November 2017, CTDs purchased prior to that can still be used but only until 23 November 2023. HMRC is writing to everyone it believes has unused CTDs to remind them that they will not be able to use them after this cut-off date.
If you hold a CTD but haven’t received a letter, you should write to HMRC at the following address:
CTD Team, Floor 6, 1 Atlantic Square, 21 York Street, Glasgow, G2 8JQ.
What if you can’t use your CTD?
If you can’t use 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 above address.
The information provided in this blog is for general informational purposes only and should not be considered professional advice. As far as we are aware, the content is accurate at time of publication. Torgersens assumes no responsibility for errors or omissions in the content or for any actions taken based on the information provided.
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