A deposit-holder who is given a hold notice must give effect to it as soon as practicable, and within five working days at the latest1. This involves2:
- Ìý
•ÌýÌýÌýÌý determining whether there is a 'held amount' in relation to each 'relevant account'
- Ìý
•ÌýÌýÌýÌý taking action to protect the held amount, and
- Ìý
•ÌýÌýÌýÌý sending a notice to HMRC setting out the held amount
These actions are summarised in the following table and are discussed in more detail below.
| Step | Action by the deposit-taker | Deadline |
| 1 | Review the taxpayer's account(s) and determine whether there are funds in the account(s) | Within five working days of the hold notice being given |
| 2 | If there are such funds, determine the 'held amount' in relation to each account (see below) | |
| 3 | Take the required action, ie either:
(a) ensure that funds cannot be withdrawn below the specified 'held amount', or
(b) transfer the 'held amount' from the taxpayer's account(s) into a suspense account. | |
| 4 | Send a notice to HMRC to |
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Web page updated on 17 Mar 2025 16:25