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HMRC internal manual

Employee Tax Advantaged Share Scheme User Manual

Schedule 3 SAYE option schemes: Supplementary and Defined terms: Jointly owned companies

For the purposes of paragraph 46, a jointly owned company is one that is not controlled by any one person and 50% of the issued share capital is owned by one person and 50% by another, or which is otherwise controlled by two persons taken together. Paragraph 46 allows for the Schedule 3 SAYE code relating to group schemes (see ETASSUM39030) to be extended to include jointly owned companies and any company controlled by that jointly owned company. The conditions for this are that no jointly owned company or any company controlled by that company may be a constituent company in more than one group scheme nor may the jointly owned company (or one of its subsidiaries) be a constituent company of a group scheme if one of those companies (the jointly owned company and its subsidiaries) is a constituent of another group scheme.  

For the purposes of determining “control” Word 30KB each joint owner of a jointly owned company is regarded as controlling every jointly owned company and any company controlled by that company.