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).