What happens when you terminate a UK Ph.D. in the second year?
The situation here varies wildly depending on your particular program, which is strongly determined by your particular university, which in turn is strongly influenced by country.  Some places will allow it after two years; others have a specific non-time-based criteria (e.g., completion of a Ph.D. proposal or being ABD); others do not allow a Masters exit at all.

In the UK, Ph.D. students are often expected to have a Masters before they even start, so you are definitely not talking about a standard case in that system and need to talk to people at your particular institution to find out the answer.