Regulation 10 Amendment of the principal Regulations

Amend Part 3 (payments by way of readily convertible assets which are not disregarded as payments in kind) as follows.

For paragraphs 1 and 2 substitute—

“1.

A readily convertible asset within the meaning of section 702 of ITEPA 2003^f1.

2.

An asset which, in accordance with section 697 of ITEPA 2003 (PAYE: enhancing the value of an asset), would be treated, for the purposes of section 696 of that Act, as a readily convertible asset.”.