This part of GOV.UK is being rebuilt – find out what beta means

HMRC internal manual

Employment Income Manual

PAYE: meaning of readily convertible assets: asset capable of being sold on the London Bullion Market

Section 702(1)(a)(ii) ITEPA 2003If an employer provides an employee with an asset that can be sold, or otherwise realised, on the London Bullion Market, that asset is a readily convertible asset and the employer is obliged to operate PAYE. For example, the award of gold bars represents payment of PAYE income in the form of readily convertible assets.