Sharefishermen: Overview of schemes
IntroductionSharefishermen can choose to join a voluntary tax deduction scheme to help them meet their SA liabilities.
Two schemes exist
- Scottish Sharefishermen (SSF) for Sharefishermen in Scotland
- Sharefishermen’s Voluntary Tax Saving Scheme (SVTSS) for Sharefishermen in England, Wales and Northern IrelandUnder the schemes a pre-agreed percentage is deducted from the income that the customer receives from sharefishing.
The deductions made are deposited with the Bank of Scotland for SSF and Barclays Bank for SVTSS. The money is held in the bank until SA payments on accounts are due for payment.
There are three parties involved in the day to day operation of the deduction scheme
- the Sharefisherman, or customer
- the Settling Agent
- the Bank
Settling Agent The Settling Agent provides the Sharefisherman with details of the deduction scheme and notifies the bank of each new member joining the scheme. When a catch is sold the Agent distributes an agreed portion of the profits from the sale of a catch to each customer. Where the customer has given authority, the Agent deducts a fixed percentage from the share of the profit and pays it into a special bank account
Details of the customers in the scheme are maintained by Peterhead Processing Office for SSF and by Paignton Processing Office for SVTSS.
Each January and July DMB Banking arrange for payments to be transferred from the Sharefishermen’s bank accounts. The transfer takes place with the assistance of Worthing Data Centre and payments are transferred or collected by Direct Debit.