Payment arrangement
5.  A qualifying person who becomes subject to section 34A of the Act within 5 years from the beginning of the year in which he first prepares financial accounts in accordance with FRS 39, may pay any tax arising —
(a)if the qualifying person is a bank or qualifying finance company referred to in section 34A(2)(g) of the Act, from the difference between the positive adjustment under regulation 3 and the amount of deduction allowed in respect of impairment losses under section 34A(2)(g) of the Act; or
(b)if the qualifying person is a not a bank or qualifying finance company referred to in section 34A(2)(g) of the Act, under regulation 3,
within the period of 5 years from the beginning of the relevant year of assessment of the qualifying person or in accordance with such other arrangement as the Comptroller may approve.