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(1)This section applies where—
(a)payments of profit-related pay are made to an employee in accordance with a registered scheme, and
(b)in consequence of the relief given by this Chapter in respect of registered schemes, less income tax is deducted from the payments in accordance with section 204 of the Taxes Act (pay as you earn) than would have been deducted if the scheme had not been registered, and
(c)the registration of the scheme is subsequently cancelled with effect from a time before that relevant for the purposes of the relief.
(2)Where this section applies, an amount equal to the shortfall in the deductions made in accordance with section 204 shall be payable by the scheme employer to the Board; and regulations under that section may include provision as to the collection and recovery of any such amount.
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