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The definition is et in S866
An account is a Qualifying Time Deposit (QTD) if the terms & conditions for the account
meet the five criteria below :
the deposit is at least £50,000
repayment to be made at a specified time within 5 years of the QTD being made
makes no provision for the right to repayment to be transferred
prevents partial withdrawals
Criteria 2 – repayment within 5 years
The terms & conditions must specify the repayment date. This date must be within 5 years of the QTD being made – repayment on the fifth anniversary is not acceptable.
The repayment date must be specified at the outset - it is not sufficient that the deposit
agreement says merely ‘x days from the date notice to withdraw is given’, it must give the actual date.
If a QTD matures on a non working day it can be repaid on the next working day or it can be repaid on the last working day prior to maturity.
You may find the following link beneficial:http://hmrc.gov.uk/taxon/guidance-notes.pdf