The definition of a ‘readily convertible asset’ is contained in ITEPA 2003, s. 701 and s. 702.


Whilst shares or other securities in a company are obviously an asset in the normal sense of the word, it is necessary to consider the legislative meaning given to the word ‘asset’ for these purposes. ITEPA 2003, s. 701(1) provides that in Part 11, Ch. 4 ‘asset includes any property and in particular any investment of a kind specified in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001’ (SI 2001/544).

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