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HMRC internal manual

Debt Management and Banking Manual

From
HM Revenue & Customs
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Sharefishermen's Voluntary Tax Saving Scheme(SVTSS): Check requested transfers

BackgroundDMB Banking receive from Worthing

  • the magnetic tape for update of the SVTSS SA customer records
  • an extraction list which details the amounts on the tape.BACS sends DMB Banking a BACS INPUT REPORT once the file transmitted there by Worthing has been processed.

The extraction list total and BACS INPUT REPORT total are agreed with the total on the copy bank list.

Once agreement has been reached the magnetic tape for update of the SVTSS customer records in SA is released for processing.

To check the transfer of money requested from SVTSS accounts follow the steps below.

  1. Obtain the
* extraction list (which details the amounts on the magnetic tape) from Worthing 
* BACS INPUT REPORT from BACS
* copy of the bank list the original of which was sent to Worthing 
  1. Agree the Extraction list total and BACS INPUT REPORT total with the total on the copy bank list

  2. Take the action described to resolve a discrepancy between the extraction list total and the bank list where totals disagree

  3. Decide on the action to take where BACS reject any item on the tape from Worthing

  4. Release the magnetic tape to update the SVTSS SA customer records once any item causing a discrepancy has been identified and agreement has been reached