Regulation 82 Cancellation of exercise of option

P may cancel the exercise of the option by giving the Treasury notice in writing that P no longer wishes it to be exercised.

A notice given under paragraph (1) does not have effect if it is given to the Treasury at a time when, in order to comply with the choice made by P in exercising the option, the Treasury have entered into an agreement with a third party to use the whole or part of P’s cash equivalent in a way specified in regulation 74(2).

The cancellation of the exercise of an option by P under paragraph (1) does not affect P’s right to make another application under regulation 80.