{
  "url": "https://openlegislation.uk/income-tax-pay-as-you-earn-regulations-2003/regulation-97S",
  "json_url": "https://openlegislation.uk/income-tax-pay-as-you-earn-regulations-2003/regulation-97S.json",
  "legislation": "uksi/2003/2682",
  "legislation_title": "The Income Tax (Pay As You Earn) Regulations 2003",
  "legislation_url": "https://openlegislation.uk/income-tax-pay-as-you-earn-regulations-2003",
  "path": "regulation/97S",
  "kind": "regulation",
  "number": "97S",
  "heading": "Application for reduction in the value of security held",
  "text": "(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—\n(a) PGS’ circumstances have changed since the day the security was given because—\n(i) of hardship, or\n(ii) PGS has ceased to be a person mentioned in regulation 97P(1) (person from whom security can be required), or\n(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.\n(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).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Pt. 4A inserted (6.4.2012) by The Income Tax (Pay As You Earn) (Amendment) Regulations 2012 (S.I. 2012/822), regs. 1(1), 58"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2003/2682/regulation/97S",
    "retrieved_at": "2026-10-29T05:46:54.297265+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}