Unclaimed HMRC deposits may be confiscated.

December 1, 2022

Taxpayers could lose £391m.

It was reported that there are currently about £391m in HMRC unclaimed deposits that could be confiscated by the tax authorities if left unclaimed. This is due to a £400m scheme called the Certificate of Tax Deposit, which allowed business owners to pay for their future tax liabilities in advance. However, since many of the depositors cannot be contacted, they are risking having their money confiscated by HMRC. 

The depositors have just one year left until 23 November 2023, when their unclaimed money will be officially confiscated by HMRC. Put simply, this is their last chance to claim their money back!

How to claim your money from HMRC?

If you utilised the Certificate of Tax Deposit scheme, and haven’t claimed your money back yet. We advise checking any correspondence from HMRC regarding that matter. If you haven’t found any, reach out to HMRC through your representative (Accountant). 

Get in touch with us to find out more about the tax deposit scheme and other schemes. 

Do you want to find out if you qualify to take part in any government schemes that could be beneficial to you or to your business? Accountants are the right people to support you in this case. Especially ones that have decades of experience with clients from multiple industries, as we do at Elena Meskhi & Co. 

Fill out the contact form at the bottom of the page or book a discovery call to learn more. 

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