SCHEDULE 3 PAYMENTS TO BE DISREGARDED IN THE CALCULATION OF EARNINGS FOR THE PURPOSES OF EARNINGS-RELATED CONTRIBUTIONS

PART III PAYMENTS BY WAY OF READILY CONVERTIBLE ASSETS NOT DISREGARDED AS PAYMENTS IN KIND

1.  A readily convertible asset.

For the purposes of this paragraph, subsections (3A) to 6 of section 203F of the Taxes Act (PAYE: readily convertible assets)(1), apply as they apply for the purposes of that section.

2.  An asset which, in accordance with the provisions of section 203F of the Taxes Act (PAYE: enhancing the value of an asset)(2), would be treated as a readily convertible asset for the purposes of section 203F of that Act.

3.  Any voucher, stamp or similar document—

(a) whether used singularly or together with other such vouchers, stamps or documents; and

(b) which is capable of being exchanged for an asset falling within paragraph 1 or 2.

(1)

Section 203F was inserted by section 127 of the Finance Act 1994 (c. 9) and amended by section 65 of the Finance Act 1998 (c. 36).

(2)

Section 203FA was inserted by section 66(1) of the Finance Act 1998.