DMBM220510 | Sharefishermen's Voluntary Tax Saving Scheme (SVTSS): Scheme outline

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Overview

A second voluntary tax deduction scheme was set up in April 2000 for Sharefishermen in England, Wales and Northern Ireland.When a new member joins the scheme he signs a mandate, provided by the Settling Agent, in favour of Barclays Bank. 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.