Commentary on Sections The Income Tax (Offices and Employments) Act 1944 (7&8 Geo. 6. (1943-44) c.12) Machinery of PAYE Section 699: PAYE: conversion of shares
2838.This is the second of the three sections derived from section 203FB of ICTA. It deals with employment income under section 438 on the conversion of convertible shares.
2839.The section takes broadly the same approach as section 698.