Tax deposit certificates - must be used by November 2023

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.

About the Author

Beverley Howells

Partner

Beverley is a partner with Torgersens, specialising in tax. Her role covers all aspects of taxation, from managing compliance to providing business advice. Her main areas of expertise are in business tax and corporation matters and in particular, acting for owner-managed businesses. Having joined the firm as a graduate trainee, Beverley qualified as a Chartered Accountant in 2000.   Outside of work, Beverley’s favourite place is the beach, enjoying a walk along our beautiful North East coastline. Ideally, she would be joined by a canine companion and has recently started a campaign for her own office dog! 

To get in touch please e-mail beverley.howells@torgersens.com.