The Income Tax (Building Societies) (Audit Powers) Regulations 1992

Alteration of scope of approval of building society

9.—(1) The Board may, by notice to a building society, alter the scope of their approval of the building society under regulation 6 by withdrawing their approval in relation to one or more branches of the building society or an otherwise separately identifiable part of its business in the cases specified in paragraph (2).

(2) The cases specified in this paragraph are cases where the Board consider that one or more of the circumstances specified in regulation 8(4)(b) to (f) applies to the branch or branches of the building society or the part of its business referred to in paragraph (1), but not to the whole of its business or, as the case may be, the whole of that part of its business approved under regulation 6.

(3) Subject to paragraph (4), an alteration of approval under paragraph (1) shall have effect from—

(a) the last day of the latest period in respect of which an audit report has been furnished to the Board within the time stipulated by regulation 7(3)(g); or

(b) if the latest period in respect of which an audit report has been so furnished is a period in which the Board consider that one or more of the circumstances referred to in paragraph (2) applies to a branch of the building society or a part of its business, the last day of the latest period in which the Board consider that none of those circumstances applies.

(4) If there is no period in which an audit report has been furnished to the Board within the time stipulated by regulation 7(3)(g) or the Board consider that there is no period in which one or more of the circumstances referred to in paragraph (2) does not apply to a branch of the building society or a part of its business, an alteration of approval under paragraph (1) shall have the like effect as if, so far as concerns that part of its business from which approval is withdrawn, the building society had not been approved under regulation 6.