EIM11855 - PAYE: special type of income: readily convertible assets

Section 696 ITEPA 2003

If 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 applied

The 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).