Income Tax (Earnings and Pensions) Act 2003 Schedule 4 paragraph 34

Jointly owned companies

Paragraph 34 deals with how jointly owned companies are treated for the purposes of CSOP group schemes, particularly regarding deemed control 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, for CSOP group scheme purposes.
• A jointly owned company is one not controlled by any single person, where either two persons each hold 50% of the issued share capital or two persons together have control.
• No company within this deemed control group may be a constituent company in more than one group scheme.
• A company in the group cannot join a particular group scheme if another company in the same group is already a constituent company in a different group scheme.