This section applies, in relation to a section 271A scheme, where the Treasury vary or revoke regulations under section 271A and, as a result, the scheme ceases to be a recognised scheme because—
the country or territory in which the scheme is authorised is no longer approved for the purposes of that section, or
the scheme is no longer of a description of scheme specified in regulations under that section.
Where this section applies, the order given by the FCA under section 271A in relation to the scheme is revoked.
The Treasury may by regulations make provision, in relation to a scheme which has ceased to be recognised under section 271A by virtue of this section—
requiring an application under section 272 by such a scheme to be made during a period specified in the regulations or in a direction given by the FCA, and
modifying or disapplying section 275(1) and (2) (time limits for determining applications under section 272) for the purposes of an application under section 272 relating to such a scheme.