Convertible securities: PAYE/NIC
PAYE and NIC is operable
- for chargeable events arising before 1/9/2003, by virtue of ITEPA03/S699 as originally enacted (see EIM11870); and
- for chargeable events arising after 1/9/2003, by virtue of ITEPA03/S698(1)(b) (see EIM12230/NIM06828)
- the securities acquired on conversion are readily convertible assets (RCAs), or
- the consideration or benefit is cash or a RCA.
See ITEPA03/S702 for definition of RCA.