14 Deduction of tax in respect of certain notional payments

(1) This Regulation applies to emoluments being—

(a) the benefit of the private use of a car which is chargeable to tax by virtue of section 121 of the Act,

(b) the benefit of the private use of a van which is chargeable to tax by virtue of section 121A of the Act,

(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

(d) a benefit arising from an asset which belongs to the employer and the valuation of which is determined in accordance with subsection (3) of section 119 of the Act.

(2) Where, a notional payment for a year is in respect of an emolument to which paragraph (1) applies—

(a) the amount of the notional payment for the year in relation to the emolument shall be apportioned over the period (referred to in subparagraph (b) as the “period of benefit”) for which the benefit is available in that year, and

(b) an employer shall deduct tax in accordance with these Regulations, or remit tax under section 985A(4) of the Act, by reference to the part of the notional payment for the year apportioned to each week, where an employee is paid weekly, or month, where the employee is paid monthly, in the period of benefit.