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).