Hi all,
Having been involved in the "contractor loans" HMRC enquiries for many years, I followed the "best practice" advice and took out a Certificate of Tax Deposit (CTD) with HMRC many years ago.
Apparently, while you hold a CTD with HMRC, it is supposed to stop interest accruing while an amount of tax is in dispute. I did the following:
As part of registering my interest to settle with HMRC (as part of CLSO2), I nominated that I'd like to offset the interest due with the CTD that I've held.
However, in returning the calculations, they only applied £30,000 across the whole period. i.e.
Instead of:
I wrote back and (after a 3 month delay) they just re-sent the same thing back to me. Does anyone know which of the two calculations above is correct?
Having been involved in the "contractor loans" HMRC enquiries for many years, I followed the "best practice" advice and took out a Certificate of Tax Deposit (CTD) with HMRC many years ago.
Apparently, while you hold a CTD with HMRC, it is supposed to stop interest accruing while an amount of tax is in dispute. I did the following:
- Nov-15: Purchased a CTD for £60,000
- Apr-17: Made a partial withdrawal of £30,000 (new CTD value: £30,000).
- (present): Still hold £30,000 CTD
As part of registering my interest to settle with HMRC (as part of CLSO2), I nominated that I'd like to offset the interest due with the CTD that I've held.
However, in returning the calculations, they only applied £30,000 across the whole period. i.e.
- Nov-15 - (present): £30,000
Instead of:
- Nov-15 - Apr-17: £60,000
- Apr-17 - (present): £30,000
I wrote back and (after a 3 month delay) they just re-sent the same thing back to me. Does anyone know which of the two calculations above is correct?
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