Clause 5

by deleting the words “for the year of assessment 2015 and subsequent years of assessment” in subsection (2)(ca) and substituting the words “for any year of assessment between the years of assessment 2015 and 2019 (both years inclusive)”;

by inserting, immediately after paragraph (ca) of subsection (2), the following paragraph:“(cb)for the year of assessment 2020 and subsequent years of assessment, either —

the rent paid by the employer for any place of residence provided by the employer (or the part of such place of residence occupied by the employee if the premises are shared with another), including for any furniture and fittings in that place or part; or

if no such rent is paid, the annual value of such place or part, less any rent paid by the employee for the place or part;”;

by inserting, immediately after the words “subsection (2)(ca)” in subsection (2A), the words “and (cb)(ii)”;

by inserting, immediately after subsection (2A), the following subsections:“(2AA) Where the Comptroller is not satisfied that the rent mentioned in subsection (2)(cb)(i) is reasonable after having regard to the rent that a lessee might reasonably be expected to pay under a lease of the place or part (including the furniture and fittings) if it were unoccupied and offered for renting, the Comptroller may adopt either —

the annual value of the place of residence provided by the employer (or the part of such place of residence occupied by the employee if the premises are shared with another), less any rent paid by the employee for the place or part; or

in a case where no annual value or separate annual value is ascribed to such place of residence in the Valuation List prepared under section 10 of the Property Tax Act, such other value as appears to the Comptroller to be reasonable in the circumstances.(2AB) In a case where —

subsection (2)(cb)(i) applies; and

the rent paid by the employer under that provision includes rent for any furniture and fittings in the place or part,then, despite subsection (2)(a), no further account is to be taken of those furniture and fittings in determining the gains or profits of the employee from the employment.(2AC) However (and to avoid doubt), subsection (2AB) does not apply in a case where the Comptroller exercises his power under subsection (2AA).”;

by deleting “2018” in subsection (20A)(f)(ii) and (h) and substituting in each case “2023”; and

by deleting the words “section 35(12A)” in subsection (20A) and substituting the words “section 35(12)”.