As respects the year of assessment 2001 and subsequent years of assessment, the Principal Act is amended in Chapter 1 of Part 5 by the insertion of the following section after section 112:

"112A.

(1) In this section -

'appropriate percentage', 'authorised insurer', 'relevant contract' and 'relievable amount' have the same meanings, respectively, as in section 470, and

'qualifying insurer' and 'qualifying long-term care policy' have the same meanings, respectively, as in section 470A.

(2) Section 112 shall apply in relation to a perquisite comprising the payment to -

(a) an authorised insurer under a relevant contract, or

(b) a qualifying insurer under a qualifying long-term care policy

as if any deduction authorised by -

(i) in a case in which paragraph (a) applies, section 470(3)(a), or

(ii) in a case in which paragraph (b) applies, section 470A(8)(a),

had not been made.

(3) Where, for any year of assessment, an employer (within the meaning of section 983) -

(a) makes a payment of emoluments consisting of a perquisite of the kind mentioned in subsection (2), and

(b) deducts therefrom and retains in accordance with -