SCHEDULES
SCHEDULE 2F1... share incentive plans
Part 11Supplementary provisions
Jointly owned companies
91
1
This paragraph applies for the purposes of the provisions of the SIP code relating to group plans.
2
Each joint owner of a jointly owned company is to be treated as controlling every company within sub-paragraph (3).
3
The companies within this sub-paragraph are—
a
the jointly owned company, and
b
any company controlled by that company.
4
However, no company within sub-paragraph (3) may be—
a
a constituent company in more than one group plan, or
b
a constituent company in a particular group plan if another company within that sub-paragraph is a constituent company in a different group plan.
5
In this paragraph a “jointly owned company” means a company—
a
of which 50% of the issued share capital is owned by one person and 50% by another, and
b
which is not controlled by any one person.
6
This paragraph does not apply for the purposes of paragraph 27(1)(b) (requirement that plan shares are in a company not under another company’s control).
Word in Sch. 2 title omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 14, 89 (with Sch. 8 paras. 90-96)