09 January 2008
My client, a local employer, proposes to run an internal 'Christmas Savings Club' for its staff. The employees would make regular payments via a deduction from their salary each month and would receive a lump sum payment each November which comprised the total amount that they had paid in over the year, plus a small amount of interest. The savings club itself would make no profits; the monies would simply be deposited into a bank account and the capital and accumulated interest would then be distributed.
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