Regulation 4

for paragraph (2)(a) there shall be substituted—

“(a)

in one accounting period;”;

in paragraph (4) for “paragraph (6)” there shall be substituted “paragraphs (6) to (6E)”;

at the end of paragraph (5) there shall be inserted— “but this is subject to paragraphs (6) to (6E) below”;

after paragraph (6) there shall be inserted—

“(6A)

Subject to paragraphs (6C) to (6E) below, a registered person may make an election that his first contribution year or any subsequent contribution year of his should be varied by ending instead on the last day of an accounting period of his which he specifies in the notice mentioned in paragraph (6C) below (and that contribution year shall so end).

(6B)

Where a contribution year has been varied by virtue of an election made under paragraph (6A) above all of the person’s subsequent contribution years shall instead consist of successive periods of 12 months ending on the anniversary of the contribution year as so varied.

(6C)

An election shall not be treated as having been made under paragraph (6A) above unless and until notice of it has been given in writing to the Commissioners (and shall accordingly be treated as having been made on the day such notice is given).

(6D)

A notice under paragraph (6C) above shall specify an accounting period which does not end either before the date on which the election is made or more than 12 months after that date.

(6E)

Where a registered person has made an election under paragraph (6A) above he shall not make another election unless at least 24 months have elapsed since his previous election was made.”;

in paragraph (7) for “paragraphs (8) and (10)” there shall be substituted “paragraph (10)”;

paragraphs (8) and (9) shall be omitted; and

in paragraph (10) for “paragraphs (7) and (8)” there shall be substituted “paragraph (7)”.