Commentary

I8.304 Certificates of tax deposit

IHT, trusts and estates

I8.304 Certificates of tax deposit

I8.304 Certificates of tax deposit

Deposits were made with the collector by persons liable to tax and the certificates carry interest for up to six years. However, the scheme closed on 23 November 2017 so that it is no longer possible to purchase new certificates but existing certificates will continue to be honoured until 23 November 2023 (see A4.635). The rates of interest are higher if the certificates are used to pay tax than if they are surrendered for cash1. The valuation at death of a certificate of tax deposit for IHT purposes should include interest at the higher rate

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