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Benefit-in-kind taxation.
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7.— (1) The Principal Act is amended—
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(a) in section 118(5E) by inserting the following after paragraph (b):
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“(c) This subsection shall not apply as respects the year of assessment 2011 and each subsequent year of assessment.”,
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(b) in section 120A by inserting the following after subsection (3):
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“(4) This section shall not apply as respects the year of assessment 2011 and each subsequent year of assessment.”,
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and
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(c) in section 122(1)(a) in the definition of “preferential loan” by substituting “paid” for “payable” in each place.
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(2) Subsection (1)(c) shall have effect as on and from 26 January 2011.
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