Amendment of the Income Tax (Pay as You Earn) Regulations 2003

12.—(1) Amend regulation 68 (periodic payments to and recoveries from the Revenue) at the end as follows.

(2) In paragraph (4), in sub-paragraph (b) of the definition of A after “notional payments made” insert “or treated by virtue of a retrospective tax provision as made,”.

(3) At the end of the regulation add—

“(7) In the application of paragraph (4) to notional payments arising by reason of the coming into force of the Finance Act 2006, the reference to section 710(7A)(a) of ITEPA 2003 shall be modified as mentioned in section 94(5)(c) of the Finance Act 2006.”.