Cash in old certificates of tax deposit before it’s too late
The Certificate of Tax Deposit Scheme will come to an end on 23 November 2023, yet £89 million remains unclaimed. What should you do if you have such a certificate?
The Certificate of Tax Deposit Scheme allowed taxpayers to deposit money with HMRC and use it later to pay certain tax liabilities. The Scheme closed in 2017, but HMRC will continue to honour existing certificates until 23 November 2023. If you deposited part of the £89 million still held in the Scheme, ensure you contact the Certificate of Tax Deposit team before 23 November to tell them how you want to use your certificate.
After 23 November 2023 HMRC will try to repay the balance of any certificate which remains unpaid and unclaimed. If it's unable to reach you the balance will be forfeited. It's therefore very important to contact HMRC prior to the closing date. HMRC wrote to certificate holders with outstanding balances, so if you believe you are one but have not received a letter your contact details may be out of date and you risk losing your money.
Related Topics
-
HMRC writes to non-domiciled taxpayers following rule changes
HMRC has begun issuing “one-to-many” letters to individuals affected by recent changes to the tax rules for non-UK domiciled taxpayers. The letters prompt recipients to review their tax position under the new regime. What does this mean if you receive one?
-
Can officers ignore minor input tax errors?
If your business has claimed input tax on an invoice where the supplier has charged VAT incorrectly, HMRC can disallow your claim by issuing an assessment. Can the officer waive that power to achieve a common sense outcome?
-
Practical guide: Tax-efficient will planning with residential property
An individual has a significant property portfolio which provides them with their sole source of income. They want to gift shares in some property to their daughter but retain the income. Can they do this without triggering the reservation of benefit rules?
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.