DMBM220570 - Sharefishermen's Voluntary Tax Saving Scheme(SVTSS): Incorrect payment transfers

If, after the update of a Sharefisherman’s SA record, it is discovered that an incorrect amount has been collected from the bank DMB Banking will liaise with Barclays Bank to agree how the error is to be corrected.

Where an excess amount has been collected DMB Banking transfer the excess into OAS from where it is repaid to the bank. Where, following a correction, an SA account is underpaid a letter of explanation is issued manually to the customer together with a payslip.

If the amount requested from the bank was too small, arrangements are made with the bank for an additional amount to be transferred.

Where you discover that an incorrect payment transfer has been requested from a Sharefisherman’s account follow the steps below.

Amount transferred more than available in the SVTSS account

  1. Contact the bank and agree how to re-credit the bank

  2. Use one of the two TRANSFER TO OAS functions to transfer the excess collected into OAS.

Note: ensure you understand the interest and RPS consequences if you plan to use function TRANSFER FROM TAXPAYER CREDIT
  1. Arrange for the money transferred to OAS to be repaid to the bank

  2. Advise the customer why the credit on his SA account has been reduced. Include a payslip and ask for payment if the customer is now underpaid

Amount transferred less than available in the SVTSS account

  1. Contact the bank and arrange for an additional amount to be paid from the SVTSS account

  2. Advise the customer that the full transfer of money has been delayed has been delayed