S.L. 123.55 Art. 33Value of free or discounted transfer of property and provision of services.

(1) Subject to sub-rules (2), (3) and (4), the value of a benefit referred to in rule 32 is the excess, if any, of the value of the property or service over the consideration paid by the beneficiary.

(2) When the benefit referred to in rule 32 consists in the transfer of a motor vehicle and the beneficiary had, before the transfer, made private use of that motor vehicle as provided in rule 9, the value determined in accordance with sub-rule (1) shall be reduced by the total value of the fringe benefit that was deemed in accordance with Part B to have been provided to that beneficiary as a result of the private use of that motor vehicle: provided that the value so reduced shall not be less than zero.

(3) When a benefit provided by the employer consists in the transfer of in-house property or the provision of an in-house service, the value determined in accordance with sub-rule (1) shall be reduced by the in-house benefit reduction.

(4) When in-house property or an in-house service is provided to an employee on a working day and consumed or availed of by the employee on the employer’s business premises the benefit shall have no value.