In regulation 3 for “The Commissioners” there shall be substituted “A taxable person” and for “them, authorise taxable persons to” there shall be substituted “the Commissioners,”.
(a)in paragraph (1) for “apply for authorisation under regulation 3 above” there shall be substituted “begin to operate the scheme”;
(b)for paragraph (1)(a) there shall be substituted the following—“a at any time, he has reasonable grounds for believing that the value of taxable supplies made by him in the period of one year then beginning will not exceed £350,000;”
(c)in paragraph (1)(c) for “the date of his application for authorisation” there shall be substituted “that time”;
(d)for paragraph (1)(c)(iv) there shall be substituted the following—“iv by virtue of regulation 10(1) below, ceased to be entitled to continue to operate the scheme.”
(a)for paragraph (1) there shall be substituted the following—“1 A person who becomes eligible to begin to operate the scheme may do so at the beginning of his next prescribed accounting period.”
(b)in paragraph (2) for “An authorised” there shall be substituted “A”;
(c)in paragraph (2)(a) for “£300,000”, in each place where that word occurs, there shall be substituted “£350,000” and “within thirty days notify the Commissioners and” shall be omitted;
(d)in paragraph (2)(b) for “£300,000” there shall be substituted “£350,000” and for “within thirty days notify the Commissioners who may terminate his authorisation” there shall be substituted “cease to operate the scheme”; and
(e)for paragraph (3) there shall be substituted the following—“3 A person may withdraw from the scheme at the end of a prescribed accounting period of his where—i he derives no benefit from remaining in the scheme, orii he is unable, by reason of his accounting system, to comply with the requirements of the scheme.”
In regulations 8 and 9(1), (2) and (3) for “an authorised person”, in each place where those words occur, there shall be substituted “a person operating the scheme”.
(a)in paragraph (1) for “The Commissioners may terminate an authorisation in any case” there shall be substituted “A person shall not be entitled to continue to operate the scheme”;
(b)paragraph (1)(a) shall be omitted;
(c)in paragraph (1)(b), (c), (d) and (e) for “an authorised person” there shall be substituted “he”;
(d)in paragraph (1)(b), (c) and (e) for “admitted to” there shall be substituted “operating”;
(e)for paragraph (1)(f) there shall be substituted the following—“f the Commissioners consider it necessary for the protection of the revenue that he shall not be so entitled”
(f)in paragraph (2) for “whose authorisation has been terminated under paragraph (1) of this regulation” there shall be substituted “who, by virtue of paragraph (1) above, ceases to be entitled to continue to operate the scheme”; and
(g)in paragraph (3) for “An authorised person whose authorisation has been terminated” there shall be substituted “A person who ceases to operate the scheme”.