Certificates of tax deposit: calculating interest
Certificates of Tax Deposit (CTD) carry simple interest calculated on a daily basis from the date of deposit until the earliest of either:
- the date of payment of the tax which they are being used to pay
- the date on which they are surrendered for cash, or
- six years after the date the deposit was made.
Where the Certificate is purchased after the date that a tax liability became due, interest is not added to the deposit, but no further interest is charged on the equivalent amount of the tax liability.