(1) In this section -

  'benefit' means a tangible asset other than cash; 

'qualifying incentive' means a relevant incentive that is the first, second, third, fourth or fifth relevant incentive given to an employee in a year of assessment where -

(a) in the case of a first relevant incentive, the value does not exceed €1,500,

(b) in the case of a second relevant incentive, the cumulative value of the first and second relevant incentives does not exceed €1,500,

(c) in the case of a third relevant incentive, the cumulative value of the first, second and third relevant incentives does not exceed €1,500,

(d) in the case of a fourth relevant incentive, the cumulative value of the first, second, third and fourth relevant incentives does not exceed €1,500, and

(e) in the case of a fifth relevant incentive, the cumulative value of the first, second, third, fourth and fifth relevant incentives does not exceed €1,500;

 'relevant incentive' means either a voucher or a benefit that is given to an employee by his or her employer in a year of assessment where the following conditions are satisfied: