5(1)This paragraph applies where the provision of a qualifying benefit takes the form of the transfer of an asset.U.K.
(2)The amount provided shall be taken for the purposes of this Schedule to be the total of—
(a)the amount (if any) expended on the asset by the third party, and
(b)in a case where the asset was transferred to the third party by the employer, the amount of the deduction that would be allowed as mentioned in paragraph 1(1) in respect of the transfer.
(3)But where the amount given by sub-paragraph (2) above is more than the amount that is charged to tax under the Income Tax (Earnings and Pensions) Act 2003 (c. 1) in respect of the transfer, or would be so charged if the condition in paragraph 2(3)(a) were met, the deduction allowable under paragraph 1(3) or (4) is limited to that lower amount.