SG61100 - The security: reducing the security for PAYE/NICs
A person who has given security may apply for the value of security to be reduced where the person’s circumstances have changed since the security was given.
Only a person who has contributed to the value of the security may make this application.
Consider the person’s application where any of the following circumstances apply
- they are suffering hardship*
- they have ceased to be the employer, or, in relation to the employer, any of the people mentioned in SG21000
- there has been a significant reduction in the workforce
- they have ceased to be an employer.
You agree that the value of the security can be reduced
You agree that the security is no longer required
You do not agree that the security be reduced
You agree that the value of the security can be reduced
- issue the letter Further information NOR reduced
- repay the part of the security deposit that you no longer require, see SG62200
- return the performance bond, see SG64000, and ask for a new bond for the lower value, see SG53500.
The person has a right of appeal against your decision to reduce the value of the security by a smaller amount than the person applied for, see SG70300.
Where you asked for a security from more than one person the other parties may need to replace the part being repaid, see SG61200.
You agree that the security is no longer required
- issue the letter Further information NOR withdrawn
- repay the security, see SG62200,
or
- return the performance bond, see SG64000.
Where you asked for a security from more than one person the other parties may need to replace the part being repaid, see SG61200.
You do not agree that the security be reduced
Issue the letter Further information NOR upheld.
The person has a right of appeal against your decision to reject their application, see SG70300.
*hardship is where the person, in providing security, damages their business or suffers personal financial hardship.
SI2003/2682/REG97S
SI2003/2682/REG97P(1)