If a benefit to which this Chapter applies is received by an individual, the amount of the benefit counts as employment income of the individual for the relevant tax year.

If a benefit to which this Chapter applies is received by a person who is not an individual, the administrator of the scheme under which the benefit is provided is chargeable to tax under Case VI of Schedule D on the amount of the benefit for the relevant tax year.

In subsections (1) and (2) the “relevant tax year” is the tax year in which the benefit is received.

For the purposes of subsection (2), the rate of tax is 40% or such other rate as may for the time being be specified by the Treasury by order.

No liability to income tax arises by virtue of any other provision of this Act in respect of a benefit to which this Chapter applies.