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HMRC internal manual

Self Assessment Manual

Payments: payments overview: sharefishermen

Sharefishermen can choose to join a voluntary tax deduction scheme in order to assist them in meeting their SA liabilities. Under the scheme a percentage is deducted from the income received from sharefishing and is banked pending the next SA payment liability.

Two schemes have been set up

  • Scottish Sharefishermen (SSF) for Sharefishermen in Scotland
  • Sharefishermen’s Voluntary Tax Saving Scheme (SVTSS) for Sharefishermen in England, Wales and Northern Ireland

The deductions made are deposited with the Royal Bank of Scotland for SSF and Barclays Bank for SVTSS and the money is held until SA payments on account are due for payment.

Twice a year DM Banking arrange for payments to be transferred from the Sharefishermen’s bank accounts in order to meet their liabilities

For more information on Sharefishermen see the Debt Management & Banking Manual DMBM220000.