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Certificate of Tax Deposit

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In the United Kingdom the Certificate of Tax Deposit (CTD) scheme allowed individuals and companies to deposit money with HM Revenue and Customs before tax was due. A "Certificate of Tax Deposit" was issued as a receipt for the money deposited. HMRC paid interest on deposits. The scheme was mentioned in the National Loans Act 1968, but was closed on 23 November 2017.[1]

Uses of CTDs include when a tax liability is under investigation by HMRC. Making a deposit can help stop late payment interest accruing on the amount owed while it is under investigation. If no tax is found liable, the money can be reclaimed.

References[edit]

  1. ^ "Pay your tax bill by Certificate of Tax Deposit". gov.uk.


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