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HMRC internal manual

Employment Income Manual

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HM Revenue & Customs
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PAYE: special type of income: readily convertible assets

Section 696 ITEPA 2003If any PAYE income of an employee is provided in the form of a readily convertible asset, the employer is required to operate PAYE. The meaning of readily convertible asset is given by Section 702 ITEPA 2003 (see

EIM11900).
### Amount on which PAYE must be appliedThe amount that is treated as PAYE income for the purposes of operating PAYE is the best estimate that can reasonably be made of the amount of income likely to be PAYE income in respect of the provision of the asset (see

EIM11890).