Finance Act 2001

Notification of loss or prospective loss of registrability

3(1)A person who, having become liable to give a notification by virtue of paragraph 1 above, ceases (whether before or after being registered) to have the intention of carrying out taxable activities shall notify the Commissioners of that fact.

(2)A person who fails to comply with sub-paragraph (1) above shall be liable to a penalty of £250.