DMBM220110 | Scottish Sharefisherman (SSF): Scheme outline

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Overview

The voluntary scheme was introduced in 1 January 1988 to assist Sharefishermen in the Scottish fishing industry to pay their tax liabilities on time.When a new member joins the scheme he signs a mandate, provided by the Settling Agent, in favour of the Bank of Scotland. The agent then sends the mandate to the bank who open a separate account in the customer’s name.The Agent deducts a fixed percentage from the sharefishing income and this amount, agreed by the agent and his client, is paid into the specified interest bearing account with the bank.Note: the money held in the special accounts is solely for the purpose of meeting SA (and any pre-SA) liabilities. Sharefishermen have no right to make withdrawals from these accounts.