ERSM40110 - 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• for chargeable events arising before 1/9/2003, by virtue of ITEPA03/S699 as originally enacted (see EIM11870); and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/NIM06878)

where either

• 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.