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Income Tax (Earnings and Pensions) Act 2003

Section 696: Readily convertible assets

2826.This section requires provision of PAYE income to an employee in the form of a readily convertible asset to be treated as payment by the employer, and gives the amount of the notional payment. It derives from section 203F of ICTA.

2827.“Readily convertible asset” is defined in section 702.

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