S.L. 123.55 Art. 32Free or discounted transferofproperty and provision of services.

(1) The transfer of the ownership of any property, other than a transfer that falls within the scope of any other provision of these rules, by a person to another person at no consideration or at a consideration which is less than the value of that property, shall be deemed to be a benefit provided by the former to the latter.

(2) The provision of a service, other than a service that falls within the scope of any other provision of these rules, by a person to another person at no consideration or at a consideration which is less than the value of that service shall be deemed to be a benefit provided by the former to the latter.

(3) When a person issues a voucher, coupon or other token that gives the right to another person to acquire any property or service at no consideration or at a consideration which is less than the value of that property or service and that voucher, coupon or other token is used for the acquisition of any such property or service, the former shall be deemed to provide a benefit to the latter consisting of the transfer of the ownership of property or the provision of a service to which sub-rule (1) or (2), as the case may be, applies:

Provided that the Commissioner may direct that the issue and use of vouchers, coupons or tokens under any particular scheme shall not be deemed to be a benefit provided by reason of an employment or office if he is satisfied that the employer does not supply the property or services in question and does not bear any part of the cost therefor and that the scheme does not otherwise have the nature of a reward for services rendered by the employees.

(4) The use by a person of consumable things belonging to another person at no consideration or at a consideration which is less than their value shall be deemed to be a benefit consisting in the transfer of the ownership of those things to which sub-rule (1) applies.