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HMRC internal manual

Debt Management and Banking Manual

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

OverviewA 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.