Paragraph 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).

Notes on Schedule 2

Textual amendments

F1: Word in Sch. 2 title omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 14, 89 (with Sch. 8 paras. 90-96)