F1PART 4ASecurity for payment of PAYE

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Amendments (Textual)

Application for reduction in the value of security held97S

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).