Related Commentary  

61(1)  Subject to paragraph (2), a person who ceases to operate the scheme, either of his own volition or because the value of taxable supplies made by him exceeds the level provided for in regulation 60(1), must–

(a)settle up, or

(b)apply transitional arrangements.

61(2)  Where the value of taxable supplies made by a person in the period of three months ending at the end of the prescribed accounting period in which he ceased to operate the scheme has exceeded £1,350,000, he may not apply transitional arrangements.

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