Related Commentary  Related HMRC Manuals

697(1)  This section applies if–

(a)any PAYE income of an employee is provided in the form of anything enhancing the value of an asset in which the employee or a member of the employee's family or household already has an interest, and

(b)that asset, with its value enhanced, would be treated as a readily convertible asset if PAYE income were provided to the employee in the form of the asset at the time of the enhancement.

697(2)  Section 696 has effect as if–

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