Regulation 4

For paragraph (2) of regulation 6 there shall be substituted the following—

“(2)

A person may, subject to regulation 10 below, remain in the scheme unless at the end of a prescribed accounting period of his the value of taxable supplies made by him in the period of one year then ending has exceeded £437,500 and the value of taxable supplies made by him in the period of one year then beginning has exceeded £350,000, in which case he shall cease to operate the scheme with effect from the end of the period of one year second mentioned.”