Paragraph 15 F1

The Commissioners may by regulations make provision for further exemptions F2, including exemptions the conditions of which are to be taken to be satisfied only where the Commissioners are satisfied as to specified matters.

The exemptions for which provision may be made include exemptions based on income or other financial criteria.

The regulations may provide that where the conditions of a further exemption are met by a person or partnership, prior requirements imposed on the person or partnership are to be treated as never having been imposed.

In sub-paragraph (3) “prior requirements”, in relation to a further exemption, means requirements imposed by regulations under paragraphs 7, 9 and 11 which are required to be complied with before the date on which the conditions of the further exemption are met.

The regulations may allow any exemption for which the regulations may provide to be given by means of a specific or general direction given by the Commissioners.