The Public Lending Right Scheme 1982 (Commencement) Order 1982

APPENDIX PUBLIC LENDING RIGHT SCHEME 1982 ARRANGEMENT OF SCHEME

PART III REGISTRATION OF PUBLIC LENDING RIGHT

Transfer on bankruptcy, liquidation or sequestration

Renunciation

32.—(1) On making application in that behalf which satisfies the requirements of Article 14, the registered owner of a registered interest may absolutely and unconditionally renounce that interest as provided in paragraph (2).

(2) Such renunciation may, as to extent, be in respect of either the whole or a half share of the registered interest and may be effective for all time, or in respect of such financial years as shall be specified by the registered owner.

(3) An application for renunciation shall bear the proper Inland Revenue stamp impressed thereon.

(4) The Registrar shall as at the date from which the renunciation is to have effect amend the Register—

(a) in the case of a renunciation for all time of the whole of the registered interest by removing from the Register the entry relating to the registered owner and, if that interest represents the whole of the Public Lending Right in a book, the entry relating to that book; or

(b) in all other cases, by noting against the relevant entry in the Register the extent of the renunciation and the period during which it is effective.

(5) Immediately upon the amendment of the Register as provided in paragraph (4), any sum due by way of Public Lending Right which, apart from the renunciation would become payable to the registered owner by 31st March in any year falling within the period to which the renunciation applies, shall cease to be so payable.