The Insurance Premium Tax Regulations 1994

Withdrawal from the scheme

26.—(1) An insurer may notify the Commissioners in writing that the scheme should not apply to him as regards accounting periods beginning on or after a date specified in the notification (being a date falling after the date the notification is made) and the scheme shall cease to apply to him accordingly.

(2) The scheme shall nonetheless continue to apply to an insurer who has made a notification under paragraph (1) above unless and until—

(a) he has made all the returns which he was required to make;

(b) he has paid all the tax which was payable in respect of the accounting periods for which he was required to make those returns; and

(c) the scheme has applied as regards such number of relevant accounting periods as is required in order for the scheme to have applied to him for a period of not less than twelve consecutive months beginning with the first day of the initial period;

and, when he has complied with sub-paragraphs (a) to (c) above and with any requirement to make returns or pay tax arising since the date the notification was made, the scheme shall cease to apply with effect from the first of his accounting periods which begin on or after the date of such compliance.