The Income Tax (Deposit-takers) (Audit Powers) Regulations 1992

Consequences of termination or alteration of approval of deposit-taker

11.—(1) Subject to paragraph (2), where approval is terminated under regulation 8 or altered under regulation 9—

(a) deposits of the kind referred to in regulation 5(a) which are held by the deposit-taker whose approval has been terminated or, as the case may be, by a branch or other part of the deposit-taker’s business from which approval has been withdrawn either—

(i) shall cease to be excluded deposits with effect from the appropriate date, or

(ii) where regulation 8(6) or regulation 9(4) applies, shall be treated as if they had never been excluded deposits;

(b) regulations 3 and 4 shall apply accordingly to such deposits;

(c) the audit agreement concluded between the Board and the deposit-taker pursuant to regulation 6(3) shall cease to have effect in relation to such deposits, and accordingly, so far as concerns such deposits, no audit shall be carried out by the auditor or audit report furnished to the Board following the termination or alteration of approval.

(2) Where following the termination or alteration of approval of a deposit-taker the conditions of regulation 6(2) and (3) are again satisfied with respect to the whole of his business, the Board shall approve the deposit-taker under regulation 6 for the purposes of these Regulations.

(3) In this regulation “the appropriate date” means—

(a) as regards a termination of approval under regulation 8, the date determined by regulation 8(5), and

(b) as regards an alteration of approval under regulation 9, the date determined by regulation 9(3).