Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Ownership definition

What does Ownership mean? In legal practice, ownership describes who has the bundle of rights over property: to possess, use, enjoy income, exclude others, transfer, or charge it, subject to law and third‑party rights (such as easements/servitudes, leases and security interests). It is a descriptive expression used across contexts (land, goods, shares, intellectual property), rather than a single statutory definition, though related concepts are defined in legislation and case law (for example, beneficial ownership in anti‑money laundering/PSC regimes and land registration rules). Across England & Wales, Northern Ireland and Ireland, lawyers commonly distinguish legal ownership (title shown on a register, deed or share register) from...

Joint share ownership plans compared with unapproved options, LTIPs and growth shares: UK tax, legal and implementation considerations

Published by a LexisNexis Share Incentives expert

Practice notes

Jointly owned awards

Jointly owned awards are exactly what the name suggests: Shares held jointly by an employee or director and a separate party, being either an investor in the company or, more commonly, the trustees of an Employee Benefit Trust (EBT). The jointly owned share model was developed as an alternative to other share incentive arrangements, including share options, restricted shares, or performance share Plans, often delivered through nil-cost options. For more general background on joint share Ownership plans (JSOPs), see Practice Note: Introduction to joint share ownership plans.

This Practice Note is intended to compare JSOPs with other unapproved share scheme structures in this context. Undertaking an exhaustive analysis is challenging, as there exists a multitude of structures, approaches—both distinct and overlapping—and variations on a common theme across the market in practice. Accordingly, the comparison drawn here, so far as practicable and for ease of reference, sets JSOPs alongside each of the following three types of arrangements:

unapproved share options
long-term incentive plans (LTIPS)
growth/value shares

For additional comparisons, consult Practice Notes: The advantages and disadvantages of each share incentive arrangement and Selecting the right share scheme for further detail and contextual guidance where appropriate...

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Stephen Woodhouse

After studying law at Leicester University and a career in the City of London spanning 30 years Stephen joined Pett Franklin as the third partner in the team on 1st December 2013.While practising in the City, Stephen trained at Slaughter and May working in their tax department for seven years after qualifying across a range of tax matters but particularly on employee share schemes. From there he joined Norton Rose to assist with building their employee share scheme practice. He joined Touche Ross (later, Deloitte LLP) in 1994 becoming a partner in 1999 until leaving Deloitte to join us on 1st December 2013.Throughout his career, Stephen has advised on tax with particular emphasis on employee share schemes and related remuneration issues. He has advised on both domestic and international issues and become an acknowledged expert on employee benefit trusts in their many...

William Franklin

William is an experienced share schemes practitioner. He is also a Chartered Accountant who is widely recognised as a leading adviser on the valuation, accounting and financial aspects of all forms of remuneration, incentive and employee share schemes. He is a member of the HMRC Employment-Related Securities & Valuations sub-group, contributes to Tolley's Guidance on Employment Taxes. William has considerable experience of determining and agreeing with HMRC the market value for tax purposes of shares in unquoted companies. As a physics graduate, he is also able to advise on IFRS2 accounting and some of the more arcane aspects of option pricing mathematics. Together with David Pett, he first developed the joint share ownership plan (JSOP). William previously worked for Pinsent Masons and Ernst & Young. He has been an active supporter of junior local cricket and...

Web page updated on 21/05/2026

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