Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012

74 Benefits provided to employee's associates
  • (1) In section GB 32(1)(d), exemption in subsection (2) does is replaced by exemptions in subsections (2) and (2B) do.

    (2) After section GB 32(2), the following is inserted:

    Exemption for LTCs and partnerships
    • (2B) Subsection (3) does not apply when—

      • (a) the benefit is provided by an employer that is––

        • (i) an LTC:

        • (ii) a partnership or limited partnership; and

      • (b) the person associated with the employee, described in subsection (1)(a), is—

        • (i) an owner of the relevant LTC:

        • (ii) a partner of the relevant partnership or limited partnership.

    (3) In section GB 32, in the list of defined terms, limited partnership, LTC, partner, and partnership are inserted.