(1) Where, before 30 November 2009, a person within the meaning of paragraph (b) of the definition of "bank" in Regulation 2(1) has included in a return, made under section 891 of the Principal Act as applied by section 894 of that Act, a payment made in a chargeable period (within the meaning of section 321(2) of the Principal Act) which period includes any part of the year 2007, 2008 or 2009, then such person shall be regarded as having fulfilled any obligation to include that payment in a return under these Regulations for that year.

(2) Notwithstanding paragraph (1), a person as referred to in paragraph (1) may include in a return under these Regulations payments referred to in paragraph (1) if it is expedient for the person to so include such payments.