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(c) the benefit arising from a preferential loan which is treated as a perquisite for the purposes of section 112 by virtue of section 122 of the Act, or

(b) the benefit arising from a preferential loan which is chargeable to income tax as a perquisite for the purposes of section 112 of the Act by virtue of section 122 of the Act, or

(2) Section 112 shall apply in relation to a perquisite comprising the payment to—

(2A) Where, for any relevant year of assessment, an employer makes a payment of emoluments to an employee consisting of a perquisite in the form of a payment to an authorised insurer under a relevant contract, and such payment qualifies for relief under section 470B for that relevant year of assessment, section 112 shall apply as if the perquisite were increased by the amount of the age-related tax credit or age-related tax credits, as the case may be, that the employee is entitled to under section 470B in respect of the payment.

(1) Subject to this Chapter, any sum paid in respect of expenses by a body corporate to any of its directors or to any person employed by it in an employment to which this Chapter applies shall, if not otherwise chargeable to income tax as income of that director or employee, be treated for the purposes of section 112 as a perquisite of the office or employment of that director or employee and included in the emoluments of that office or employment assessable to income tax accordingly; but nothing in this subsection shall prevent a claim for a deduction being made under section 114 in respect of any money expended wholly, exclusively and necessarily in performing the duties of the office or employment.

then, sections 112, 114 and 897 shall apply in relation to so much of the expense as is not made good to the body corporate by the director or employee as if the expense had been incurred by the director or employee and the amount of the expense had been refunded to the director or employee by the body corporate by means of a payment in respect of expenses, and income tax shall be chargeable accordingly.

(1) Notwithstanding section 118, section 112 shall not apply in relation to any expense incurred by or on behalf of the Minister for Defence—

(2) Where, for the whole or part of a year of assessment, there is outstanding, in relation to an individual, a preferential loan, the individual shall, subject to subsection (4), be treated for the purposes of section 112 or a charge to tax under Case III of Schedule D, as having received in that year of assessment, as a perquisite of the office or employment with the employer who made the loan, a sum equal to the difference between the aggregate amount of interest paid in that year and the amount of interest which would have been payable in that year, if interest had been payable on the loan at the specified rate and the individual or, in the case of an individual——

(a) the individual shall be deemed for the purposes of section 112 or, in a case where profits or gains from an employment with that person would be chargeable to tax under Case III of Schedule D, for the purposes of a charge to tax under that Case to have received in the year of assessment in which the release or writing off took place as a perquisite of an office or employment with that person a sum equal to the amount which is released or written off, and

(a) profits or gains accruing from an office or employment (and accordingly tax under Schedule E shall be charged on those payments, and tax so chargeable shall be computed under section 112(1)), and

(b) Tax under Schedule E shall be charged on every person to whom any benefit referred to in paragraph (a) is paid in respect of all such benefits paid to such person, and tax so chargeable shall be computed under section 112(1).

(i) to be profits or gains arising or accruing from an employment (and accordingly tax under Schedule E shall be charged on every person to whom any such benefit is payable in respect of amounts to be paid on foot of such benefits, and tax so chargeable shall be computed under section 112(1)), and

(i) to be profits or gains arising or accruing from an employment (and accordingly tax under Schedule E shall be charged on every person to whom any such benefit is payable in respect of amounts to be paid on foot of such benefits, and tax so chargeable shall be computed under section 112(1)), and

(I) in a case where the profits or gains from the office or employment are or would be chargeable to tax under the Schedule E Schedule E, tax under that Schedule shall be charged on that sum, and tax so chargeable shall be computed under section 112(1), or

(i) any charge to income tax under Schedule E and computed in accordance with section 112 or 128 on the acquisition of the employment-related securities, or

(a) any charge to income tax amount chargeable to income tax under Schedule E (and computed in accordance with section 112 or 128, as the case may be), or under Schedule D, on the acquisition of the shares, shall be reduced by an amount determined by the formula—

(5) Where this section applies, any charge to income tax under Schedule E (and computed in accordance with section 112 or 128, as the case may be), or under Schedule D, on the acquisition of the shares, shall be computed by reference to the market value of the shares at the date of acquisition but without regard to provision in a contract or agreement referred to in subsection (3) for the forfeiture of the shares.

(ii) the aggregate of the age-related tax credit or age-related tax credits, as the case may be, and relief under section 470 due in respect of the payment exceeds the amount of the income tax chargeable, in accordance with sections 112 and 112A, in respect of the perquisite (in this paragraph referred to as “the excess”),

(a) which are chargeable to income tax under subsection (3) of section 112, and

(I) profits or gains accruing from an office or employment (and accordingly tax under Schedule E shall be charged on those payments, and tax so chargeable shall be computed under section 112(1)), and

(c) any sum treated for the purposes of section 112 as a perquisite of an office or employment by virtue of section 122,

(c) any sum treated for the purposes of section 112 as a perquisite of an office or employment by virtue of section 122,

(c) any sum treated for the purposes of section 112 as a perquisite of an employment by virtue of section 122;

(3) The emoluments to which this subsection applies are emoluments within the meaning of section 112(2), including any payments chargeable to tax by virtue of section 123 and any sums which by virtue of Chapter 3 of Part 5 are to be treated as perquisites of a person’s office or employment, being emoluments, payments or sums other than those taken into account in an assessment to income tax for the year of assessment in which they are received and, for the purposes of subsection (2)—

(a) perquisites and profits whatever which are chargeable to tax under section 112excluding perquisites or profits whatever in the form of shares (including stock) in a company, but including—

(i) an expense incurred by a body corporate in the provision of a benefit, other than a contribution to a PRSA (within the meaning of Chapter 2A of Part 30), for an employee which is treated as a perquisite for the purposes of section 112 by virtue of section 118,

(ii) the benefit arising from a preferential loan which is treated as a perquisite for the purposes of section 112 by virtue of section 122, and