702 Meaning of “readily convertible asset”
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

702  Meaning of “readily convertible asset”

(1)     In this Chapter “readily convertible asset” means—

(a)     an asset capable of being sold or otherwise realised on—

(i)     a recognised investment exchange (within the meaning of the Financial Services and Markets Act 2000 (c 8)),

(ii)     the London Bullion Market,

(iii)     the New York Stock Exchange, or

(iv)     a market for the time being specified in PAYE regulations;

(b)     an asset consisting in—

(i)     the rights of an assignee, or any other rights, in respect of a money debt that is or may become due to the employer or any other person,

(ii)     property that is subject to a warehousing regime, or any right in respect of property so subject, or

(iii)     anything that is likely (without anything being done by the employee) to give rise to, or to become, a right enabling a person to obtain an amount or total amount of money which is likely to be similar to the expense incurred in the provision of the asset; or

(c)     an asset for which trading arrangements are in existence, or are likely to come into existence in accordance with—

(i)     any arrangements of another description existing when

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