(1) Where -

(a) any employment contributions referred to in subparagraph (ii) of section 34A(1)(a) have been paid in respect of share-based remuneration received by way of forfeitable shares to which section 128E of the Act of 1997 refers, and

(b) under the terms of the written contract or agreement referred to in subsection (3) of section 128E of the Act of 1997 those shares are forfeited,

then -

(i) the employed contributor or special contributor shall, for the purposes of employment contributions payable under section 13(2)(b), be treated as if he or she did not acquire those shares in the contribution year in which those shares were acquired, and

(ii) any employment contributions that have been paid in respect of such shares shall be returned by the Minister or Collector-General, as appropriate, to that employed contributor or special contributor, as the case may be, if application to that effect is made in writing to the Minister or Collector-General, as appropriate, in accordance with sub-article (5).

(2) The amount of any employment contributions to be returned under sub-article (1) to or in respect of an employed contributor or a special contributor shall be reduced by the amount of any benefit under Part 2 of the Principal Act paid to such employed contributor or special contributor (or to any other person) by reason of the payment of the employment contributions referred to in sub-article (1)(ii).