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Income Tax (Earnings and Pensions) Act 2003
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- UK Public General Acts
- 2003 c. 1
- SCHEDULE 3
- Part 9
- Jointly owned companies
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Income Tax (Earnings and Pensions) Act 2003, Cross Heading: Jointly owned companies is up to date with all changes known to be in force on or before 02 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Changes and effects yet to be applied to Schedule 3 Part 9 Crossheading Jointly-owned-companies:
Jointly owned companiesU.K.
46(1)This paragraph applies for the purposes of the provisions of the SAYE code relating to group schemes.U.K.
(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 scheme, or
(b)a constituent company in a particular group scheme if another company within that sub-paragraph is a constituent company in a different group scheme.
(5)In this paragraph a “jointly owned company” means a company which (apart from sub-paragraph (2)) is not controlled by any one person and—
(a)of which 50% of the issued share capital is owned by one person and 50% by another, or
(b)which is otherwise controlled by two persons taken together.
(6)In this paragraph “joint owner” means one of the persons mentioned in sub-paragraph (5)(a) or (b).
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