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HMRC internal manual

Debt Management and Banking Manual

Sharefishermen's Voluntary Tax Saving Scheme (SVTSS): Underpayments and overpayments

In December and June each participant in the scheme will receive a customer statement. The statements will be issued too soon to include the amount being transferred that month.

Details of the amount collected will be notified to the Sharefishermen on a bank statement issued on 23 January and 23 July.

The Sharefisherman should work out from the customer and bank statements whether his SA account will show a credit or debit balance on 31 January and 31 July.

The onus is on the Sharefisherman to

  • pay, by the due dates, any balance that may be due because of a shortfall in the amount transferred
  • request repayment if, following the January transfer, there is an overpayment which the customer wants repaid (see chapter ‘Deal with repayment request (SVTSS)’)LINK
  • request a recredit to the SVTSS account with the bank if there is an overpayment following the July transfer (see DMBM220560)

Note: repayments are not made following the July transferWhere an amount remains unpaid, the normal issue of customer statements will continue. Late payment interest will accrue and normal collection action will apply.

Overpaid amounts that are unclaimed will be retained on the SA record. Any unclaimed overpayment will be set against future liabilities.