# The Social Security (Contributions) Regulations 2001, Paragraph 29S: Application for reduction in the value of security held


(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—
(a) PGS' circumstances have changed since the day the security was given because—
(i) of hardship; or
(ii) PGS has ceased to be a person mentioned in paragraph 29P(1); or
(b) since the day the security was given there has been a significant reduction in the number of employed earners of the employer to whom the security relates or that employer has ceased to be an employer.
(2) Where paragraph 29P(2)(b) applies, a person who has not contributed to the value of the security given may not make an application under sub-paragraph (1).

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Source: https://www.legislation.gov.uk/uksi/2001/1004/schedule/4/paragraph/29S (the official version)
Page: https://openlegislation.uk/social-security-contributions-regulations-2001/schedule-4/paragraph-29S
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.