Amendment of the Income Tax (Pay As You Earn) Regulations 2003

3.  In regulation 70 (quarterly tax periods)—

(a) in paragraph (2) for the formula “(P + N + L + S)−(C + SP + CD)” substitute “(P + N + L + S)−(SP + CD)”;

(b) in paragraph (3)—

(i) in the description of “P” omit “disregarding any WTC adjustment”;

(ii) in the description of “S” omit “, disregarding any WTC adjustment”;

(iii) in the descriptions of “N” and “L” omit paragraph “(b)” and the word “and” immediately preceding it; and

(iv) omit the description of “C”; and

(c) in paragraph (4) omit the definitions of “WTC adjustment” and “WTC Regulations”.