112A Taxation of certain perquisites.
(1) In this section—
“appropriate percentage”, “authorised insurer”, “relevant contract” and “relievable amount” have the same meanings, respectively, as in section 470, and
“qualifying insurer” and “qualifying long-term care policy” have the same meanings, respectively, as in section 470A.
(2) Section 112 shall apply in relation to a perquisite comprising the payment to—
(a) an authorised insurer under a relevant contract, or
(b) a qualifying insurer under a qualifying long-term care policy
as if any deduction authorised by—
(i) in a case in which paragraph (a) applies, section 470(3)(a), or
(ii) in a case in which paragraph (b) applies, section 470A(8)(a),
had not been made.
(3) Where, for any year of assessment, an employer
>(within the meaning of section 983)<—
(a) makes a payment of emoluments consisting of a perquisite of the kind mentioned in subsection (2), and
(b) deducts therefrom and retains in accordance with—
(i) section 470(3)(a), an amount equal to the appropriate percentage for the year of assessment of the relievable amount in relation to the payment, or
(ii) section 470A(8)(a), an amount equal to the appropriate percentage for the year of assessment of the payment,
the employer shall be assessed and charged to income tax in an amount equal to the amount so deducted and retained and that amount shall be allowable as a deduction in charging to tax the profits or gains of such employer.
(4) Subsections (3) to (6) of section 238 shall apply, with necessary modifications, in relation to a payment referred to in subsection (3) as they apply in relation to a payment to which that section applies.