# The Income Tax (Pay As You Earn) Regulations 2003, Paragraph 25: Overpayments and underpayments of tax: tax years before the tax year ending 5th April 2002

Extent: E+W+S+N.I.

(1) Regulation 188 (assessments other than self-assessments)—
(a) does not apply in relation to an assessment for a tax year ending on or before 5th April 1996, and
(b) has effect in particular with the following modification in relation to an assessment, other than one under section 9 of TMA, for a tax year beginning on or after 6th April 1996 and ending on or before 5th April 2001.
(2) In paragraph (3), after sub-paragraph (a) insert—
“(aa) make any necessary adjustment to B in respect of any shortfall in deductions made in accordance with the Income Tax (Employments) Regulations 1993 from the employee, where—
(i) payments of profit-related pay have been made to the employee in accordance with a profit-related pay scheme registered under Chapter 3 of Part 5 of ICTA,
(ii) in consequence of the relief given by that Chapter less tax has been deducted from those payments than would have been deducted if the scheme had not been registered, and
(iii) the registration of the scheme has subsequently been cancelled with effect from a time before that relevant for the purposes of the relief;”.

---
Source: https://www.legislation.gov.uk/uksi/2003/2682/schedule/1/paragraph/25 (the official version)
Page: https://openlegislation.uk/income-tax-pay-as-you-earn-regulations-2003/schedule-1/paragraph-25
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.