The Principal Act is amended in Chapter 2 of Part 33 by inserting the following after section 811A:

"811B.

(1) In this section -

'benefit scheme', subject to subsection (2) (c), means a trust, scheme or other arrangement and includes any settlement, disposition, covenant, agreement, transfer of money or transfer of other property or of any right to money or of any right to other property;

'employee' includes an office holder and any person who is an employee within the definition of 'employee' in section 983;

'employer' includes any person connected with an employer and any person who is an employer within the definition of 'employer' in section 983 or connected with such employer;

'loan' means any loan, advance or any form of credit;

'specified rate' means the rate specified in paragraph (iii) of the definition of 'the specified rate' in section 122.

(2) For the purposes of this section -

(a) any question whether a person is connected with another person shall be determined in accordance with section 10 (as it applies for the purposes of the Tax Acts),

(b) the loan of, or the provision of the use of, an asset shall be deemed to be a loan of an amount equal to the value of that asset at the time such loan is made or at the time such asset is provided, and