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with outstanding balances, so if you believe you are one but have not received a letter your contact details may be out of date and you risk losing your money.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 and Companies House to scrap free filing services
From April 2026 companies won’t be able to file their tax returns and accounts using the HMRC and Companies House free-to-use service. What steps should companies take ahead of the deadline?
-
Annual accounting: how are interest and late payment penalties calculated?
If you use the annual accounting scheme, you will submit one return each year instead of four or twelve. What are the potential traps if you don’t meet the scheme conditions?
-
Is basis period reform really over and done with?
You heaved a sigh of relief after submitting your 2023/24 self-assessment tax return, especially as it meant the fiddly basis period calculations were behind you. But why might it be to your advantage to revisit them?
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.