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10.—(1) A person who has given security (“PGS”) may apply to an officer of Revenue and Customs for a reduction in the value of security held by HMRC if—
(a)PGS’ circumstances have changed since the day the security was given because—
(i)of hardship, or
(ii)PGS has ceased to be a person described in regulation 7(1), or
(b)since the day the security was given there has been a significant change in C’s circumstances such that—
(i)the value of the security specified under regulation 8(1)(a) exceeds the amount necessary to protect the revenue, or
(ii)security is no longer necessary to protect the revenue.
(2) Where regulation 7(2)(b) applies, any person who has not contributed to the value of the security given may not make an application under paragraph (1).
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