tax deposit certificate

A certificate issued by HM Revenue and Customs to a taxpayer who has made an advance payment in anticipation of future income tax, capital-gains tax, or corporation tax. The initial payment must not be less than £2000 and has to be made to a tax-collection office. The certificates bear interest, which is liable to tax. The interest rate depends on whether the certificate is withdrawn for cash or surrendered to meet a tax demand. A higher rate is paid on the latter. Interest normally runs to the date of encashment but if the certificate is used to pay tax, it runs only to the due date of payment of the liability, not the actual date of payment.

Big dictionary of business and management. 2014.

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