HMRC has issued revised guidance on suggested actions deposit holders should take ahead of the closure of the certificate of tax deposit (CTD) scheme on 23 November 2023 (the scheme closed on 23 November 2017 for the purchase of new certificates, but existing certificates continue to be honoured up to 23 November 2023).
HMRC advises individuals to contact the CTD team before the scheme closes to decide how to use their certificate (mainly to request a refund). One of the reasons behind the CTD scheme was to allow taxpayers to provide for tax which might become payable in the future, including where an amount of tax was in dispute or unknown at the time. In cases where an amount of tax is under investigation, and where that investigation is likely to continue past 23 November, HMRC says that taxpayers ‘must contact’ the team to convert the certificate into a payment on account (or, presumably, request a refund).
HMRC has issued revised guidance on suggested actions deposit holders should take ahead of the closure of the certificate of tax deposit (CTD) scheme on 23 November 2023 (the scheme closed on 23 November 2017 for the purchase of new certificates, but existing certificates continue to be honoured up to 23 November 2023).
HMRC advises individuals to contact the CTD team before the scheme closes to decide how to use their certificate (mainly to request a refund). One of the reasons behind the CTD scheme was to allow taxpayers to provide for tax which might become payable in the future, including where an amount of tax was in dispute or unknown at the time. In cases where an amount of tax is under investigation, and where that investigation is likely to continue past 23 November, HMRC says that taxpayers ‘must contact’ the team to convert the certificate into a payment on account (or, presumably, request a refund).
