[F1Application for reduction in the value of security heldU.K.
97S.—(1) A person who has given security (“PGS”) may apply to an officer of Revenue and Customs for a reduction in the value of security held by HMRC if—
(a)PGS’ circumstances have changed since the day the security was given because—
(i)of hardship, or
(ii)PGS has ceased to be a person mentioned in regulation 97P(1) (person from whom security can be required), or
(b)since the day the security was given there has been a significant reduction in the number of employees of the employer to whom the security relates or that employer has ceased to be an employer.
(2) Where regulation 97P(2)(b) applies, a person who has not contributed to the value of the security given may not make an application under paragraph (1).]
Textual Amendments
F1Pt. 4A inserted (6.4.2012) by The Income Tax (Pay As You Earn) (Amendment) Regulations 2012 (S.I. 2012/822), regs. 1(1), 58