DMBM220520 - Sharefishermen's Voluntary Tax Saving Scheme (SVTSS): Maintain sharefishermen records

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The designatory and account details of each member participating in the scheme are held at Paignton processing office. This information also includes details of Settling Agent(s).The bank send details of new scheme members to Paignton together with a copy of the Direct Debit mandate. Paignton ensure that an SA record is open for the customer and that it includes details of the bank account number with the source information. After updating the records they notify the bank of the UTR.Each scheme member is notified to DMB Banking and a list of all the live SVTSS records is sent to DMB Banking on or before 10 January. Banking enter details of each SSF arrangement on the customer record using function AMEND TAXPAYER SIGNALS.When you are notified by the bank that a new member has joined the scheme follow the steps below: <ol type="1" start="1"><li>Use CODA function TI and SA function RETRIEVE UTR FROM D REFERENCE to check if an SA record already exists for this taxpayer

</li><li>Arrange for either

</li></ol><blockquote><ul><li class="filledcircle">a new SA taxpayer record to be set up if one cannot be found, or</li><li class="filledcircle">an existing record to be updated to show ‘Sharefisherman and the bank account number’ as a source.</li></ul></blockquote><blockquote>Note: the bank account number is included when the source details are entered,
</blockquote><ol type="1" start="3"><li>Add details of the new member to the Paignton record

</li><li>Notify the member’s Unique Taxpayer Reference (UTR) to the bank

</li><li>Advise the DMB Banking of the new member

</li></ol><blockquote>Note: Do not delay notifying Banking if they are in the process of arranging a payment transfer
</blockquote><ol type="1" start="6"><li>File the notification and copy mandate in a suitable place

</li><li>Remember to send a copy of the list of live SVTSS records to DMB Banking on or before 10 January each year

</li></ol>Action by DBM Banking Use function AMEND TAXPAYER SIGNALS to enter the Sharefisherman signal on the taxpayer record