Income Tax (Earnings and Pensions) Act 2003 section Schedule 3 paragraph 46

Jointly owned companies

Section Schedule 3 paragraph 46 sets out how jointly owned companies are treated for the purposes of SAYE (Save As You Earn) group schemes, including deemed control rules and restrictions on participation in multiple group schemes.

• Each joint owner of a jointly owned company is treated as controlling that company and any company it controls
• A jointly owned company is one not controlled by any single person, where two persons each own 50% of the issued share capital or otherwise jointly control it
• No company within the group of controlled companies may be a constituent company in more than one group scheme
• A controlled company cannot participate in a particular group scheme if another company in the same controlled group is already a constituent of a different group scheme