HMRC Ending Tax Deposit Scheme
Time is running out for landlords and property investors to pay their tax bills with certificates of deposit.
Hundreds of property people have received letters saying the scheme is closing in a few months.
But even more stand to lose their money as they have cash on deposit but still need to give HMRC a correct address.
The tax man will keep any money on deposit after making ‘reasonable efforts’ to return the cash.
The certificate of tax deposit (CTD) scheme allowed taxpayers to pay money into an HM Revenue & Customs account to settle future tax bills - Including income tax, capital gains tax and inheritance tax.
HMRC closed the scheme to new deposits in November 2017. However, the certificate has stayed live for six years, earning daily interest.
The final certificate expires on November 23, 2023.
What to do with a CTD
Landlords and investors with cash on deposit have two options:
- Pay a tax bill with the money on deposit before November 23
- Ask HMRC for a refund of any money on the deposit
If taxpayers receive a CTD letter, they should write to HMRC at:
CTD Team
Floor 6, 1 Atlantic Square
21 York Street
Glasgow
G2 8JQ
Taxpayers with a CTD account who have not received a letter should also write to the same address.
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