This article has multiple issues. Please help improve it or discuss these issues on the talk page. (Learn how and when to remove these messages)
|
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 (c. 13), 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
 | This economics-related article is a stub. You can help Wikipedia by expanding it. |