(1) The Principal Act is hereby amended in Chapter 4 of Part 5 by the insertion of the following section after section 122:

"122A.

(1) In this section -

'acquisition', in relation to shares, includes receipt by way of allotment or assignment;

'connected person' has the same meaning as in section 10;

'emoluments' has the same meaning as in section 113;

'employee' and 'employer' have the same meanings, respectively, assigned to them by section 122;

'employment' has the same meaning as in section 121;

'market value' shall be construed in accordance with section 548;

'preferential loan' has the same meaning as in section 122;

'shares' includes securities within the meaning of section 135 and stock.

(2) Where an employee, or a person connected with him or her, acquires shares in a company (whether the employing company or not) and those shares are acquired at an under-value in pursuance of a right or opportunity available by reason of his or her employment, he or she shall be deemed to have the benefit of a loan on which no interest is payable (in this section referred to as the 'notional loan') made directly or indirectly to him or her by a person who at the time the loan is made is, or who at a time subsequent to the making of the loan becomes, an employer in relation to the individual and such notional loan shall be deemed to be a preferential loan to which section 122 applies.