12(1)Where a land transaction is entered into by reason of the purchaser’s employment, or that of a person connected with him, then—U.K.
(a)if the transaction gives rise to a charge to tax under Chapter 5 of Part 3 of the Income Tax (Earnings and Pensions) Act 2003 (c. 1) (taxable benefits: living accommodation) and—
(i)no rent is payable by the purchaser, or
(ii)the rent payable by the purchaser is less than the cash equivalent of the benefit calculated under section 105 or 106 of that Act,
there shall be taken to be payable by the purchaser as rent an amount equal to the cash equivalent chargeable under those sections;
(b)if the transaction would give rise to a charge under that Chapter but for section 99 of that Act (accommodation provided for performance of duties), the consideration for the transaction is the actual consideration (if any);
(c)if neither paragraph (a) nor paragraph (b) applies, the consideration for the transaction shall be taken to be not less than the market value of the subject-matter of the transaction as at the effective date of the transaction.
(2)Section 839 of the Taxes Act 1988 (connected persons) has effect for the purposes of this paragraph.