Fast magnetic field annihilation in a collisionless plasma is induced by using TEM(1,0) laser pulse. The magnetic quadrupole structure formation, expansion and annihilation stages are demonstrated with 2.5-dimensional particle-in-cell simulations. The magnetic field energy is converted to the electric field and accelerate the particles inside the annihilation plane. A bunch of high energy electrons moving backwards is detected in the current sheet. The strong displacement current is the dominant contribution which induces the longitudinal inductive electric field.were provided by the MetaCentrum under the program LM2010005, IT4Innovations Centre of Excellence under projects CZ.1.05/1.1.00/02.0070 and LM2011033 and by ECLIPSE cluster of ELI-Beamlines. The EPOCH code was developed as part of the UK EPSRC funded projects EP/G054940/1.