Certificate of Tax Deposit (CTD): Use it or Lose it

Whitings LLP CTD Use it or lose it blog post header image of alarm clock on blue background. 27th June 2023
The CTD scheme allowed individuals, companies, personal representatives, and trustees to deposit funds with HMRC, which could later be used to pay certain tax liabilities.

 

The scheme for new purchases closed on 23 November 2017. Existing certificates will be honoured until 23 November 2023. Any remaining certificates after this date should be promptly submitted to HMRC for a refund.

 

HMRC will make efforts to repay any unpaid and unclaimed balances. However, if reasonable attempts to contact the certificate holder fail, the balance may be forfeited.

 

Individuals should check if they have received letters from HMRC regarding their CTDs. If they believe they have a CTD but haven’t received a letter, they should check their certificate and contact HMRC to update their records with the correct address.

 

If you believe that you have a CTD but have misplaced the certificate, there is still a way to proceed. You can contact HMRC on 0300 546 900 to find out whether you have a CTD and begin the process of requesting an Indemnity, you will be required to provide your unique tax reference and other security details.

 

To request an Indemnity, you will need to email ctdteammailbox@hmrc.gov.uk with your reference number obtained from talking to HMRC and your UTR.

 

To redeem your CTD or Indemnity, you will need to post the original certificate or Indemnity to HMRC’s CTD Team at the designated address: CTD Team, Floor 6, 1 Atlantic Square, 21 York Street, Glasgow, G2 8JQ, United Kingdom, along with a covering letter with instructions of the reduction of which tax liability or refund.

 

If you have any questions please contact your local Whitings Office.

Disclaimer - All information in this post was correct at time of writing.
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