diff --git a/changelog.d/wealth-share-components.added.md b/changelog.d/wealth-share-components.added.md
new file mode 100644
index 0000000000..4a97f30c03
--- /dev/null
+++ b/changelog.d/wealth-share-components.added.md
@@ -0,0 +1 @@
+- Add `directly_held_shares` and `unit_and_investment_trusts` household inputs for the share-like components of `corporate_wealth`, count share-like capital in every means test as `corporate_wealth` or, where the components exceed it beyond float32 rounding, their sum (`share_like_capital`), and uprate the components and the ISA balances with per-capita GDP.
diff --git a/docs/book/assumptions/growthfactors.md b/docs/book/assumptions/growthfactors.md
index 3e8b4e1700..663b17a901 100644
--- a/docs/book/assumptions/growthfactors.md
+++ b/docs/book/assumptions/growthfactors.md
@@ -62,7 +62,7 @@ We derive these rates from OBR GDP growth and ONS population projections.
 |-------------|------|------|------|------|------|------|------|------|
 | Growth rate | 9.2% | 5.0% | 3.8% | 2.8% | 2.8% | 3.1% | 3.3% | 3.3% |
 
-We use per capita GDP for these variables: `capital_gains`, `capital_gains_badr`, `capital_gains_before_response`, `capital_gains_carried_interest`, `capital_gains_residential_property`, `corporate_wealth`, `dividend_income`, `gross_financial_wealth`, `household_lifetime_isa_balance`, `lifetime_isa_balance`, `lump_sum_income`, `main_residence_value`, `maintenance_income`, `miscellaneous_income`, `mortgage_capital_repayment`, `net_financial_wealth`, `non_residential_property_value`, `other_investment_income`, `other_residential_property_value`, `owned_land`, `pension_income`, `private_pension_wealth`, `private_transfer_income`, `property_income`, `property_rental_income`, `savings`, `savings_interest_income`, `sublet_income`
+We use per capita GDP for these variables: `benunit_reported_capital`, `capital_gains`, `capital_gains_badr`, `capital_gains_before_response`, `capital_gains_carried_interest`, `capital_gains_residential_property`, `cash_isa`, `corporate_wealth`, `directly_held_shares`, `dividend_income`, `gross_financial_wealth`, `household_lifetime_isa_balance`, `lifetime_isa_balance`, `lump_sum_income`, `main_residence_value`, `maintenance_income`, `miscellaneous_income`, `mortgage_capital_repayment`, `net_financial_wealth`, `non_residential_property_value`, `other_investment_income`, `other_residential_property_value`, `owned_land`, `pension_credit_reported_capital`, `pension_income`, `private_pension_wealth`, `private_transfer_income`, `property_income`, `property_rental_income`, `savings`, `savings_interest_income`, `stocks_and_shares_isa`, `sublet_income`, `uc_reported_capital`, `unit_and_investment_trusts`
 
 ## Council tax
 
diff --git a/policyengine_uk/data/uprating_indices.yaml b/policyengine_uk/data/uprating_indices.yaml
index e82333b1a6..77e960f1fc 100644
--- a/policyengine_uk/data/uprating_indices.yaml
+++ b/policyengine_uk/data/uprating_indices.yaml
@@ -111,7 +111,9 @@ gov.economic_assumptions.yoy_growth.capital_gains:
 - capital_gains_carried_interest
 gov.economic_assumptions.yoy_growth.obr.per_capita.gdp:
 - benunit_reported_capital
+- cash_isa
 - corporate_wealth
+- directly_held_shares
 - dividend_income
 - gross_financial_wealth
 - household_lifetime_isa_balance
@@ -138,6 +140,7 @@ gov.economic_assumptions.yoy_growth.obr.per_capita.gdp:
 - property_rental_income
 - savings
 - savings_interest_income
+- stocks_and_shares_isa
 - sublet_income
 - cash_isa
 - consumer_debt
@@ -151,6 +154,7 @@ gov.economic_assumptions.yoy_growth.obr.per_capita.gdp:
 # An explicit complete UC override stored in a dataset is uprated like the
 # financial input; its default no longer derives from that input.
 - uc_reported_capital
+- unit_and_investment_trusts
 gov.economic_assumptions.yoy_growth.obr.per_capita.mixed_income:
 - self_employment_income
 - self_employment_gross_receipts
diff --git a/policyengine_uk/parameters/gov/dwp/ESA/income/capital/sources.yaml b/policyengine_uk/parameters/gov/dwp/ESA/income/capital/sources.yaml
index 3eb35b83ef..c9fd7d6e3f 100644
--- a/policyengine_uk/parameters/gov/dwp/ESA/income/capital/sources.yaml
+++ b/policyengine_uk/parameters/gov/dwp/ESA/income/capital/sources.yaml
@@ -3,21 +3,26 @@ description: >
   Support Allowance capital. The Employment and Support Allowance Regulations
   2008 treat capital as assessable unless it is disregarded under Schedule 9.
   The current mappings are `savings` for liquid capital, `owned_land` for land
-  held directly, `corporate_wealth` as the broad available proxy for share-like
-  financial assets, `other_residential_property_value` for residential
-  property other than the home, and `non_residential_property_value` for other
-  land and premises. `main_residence_value` is excluded because Schedule 9
-  paragraph 1 disregards premises occupied as the claimant's home.
-  `private_pension_wealth` is excluded because Schedule 9 paragraphs 28 and 29
-  disregard the value of the right to receive an occupational or personal
-  pension and the value of funds held under a personal pension scheme. Other
-  Schedule 9 disregards and the higher residential-care capital disregard are
-  not yet modeled because the current dataset does not isolate those states or
-  asset holdings. Because the dataset only provides household-level capital
-  stocks, the model allocates the full household total to benunits with a
-  reported income-related ESA award and only falls back to an adult-share
-  proxy when nobody in the household is on that reported claim path. That
-  allocation is a data approximation, not a legislated ownership rule.
+  held directly, the share-like sources, `other_residential_property_value`
+  for residential property other than the home, and
+  `non_residential_property_value` for other land and premises.
+  `share_like_capital` is `corporate_wealth` as supplied, or the sum of its
+  itemised components (`directly_held_shares`, `unit_and_investment_trusts`,
+  `stocks_and_shares_isa`) where they exceed it beyond float32 rounding (see
+  `share_like_capital`), so a household given only the components has them
+  counted and no holding counts twice. `main_residence_value` is excluded
+  because Schedule 9 paragraph 1 disregards premises occupied as the
+  claimant's home. `private_pension_wealth` is excluded because Schedule 9
+  paragraphs 28 and 29 disregard the value of the right to receive an
+  occupational or personal pension and the value of funds held under a
+  personal pension scheme. Other Schedule 9 disregards and the higher
+  residential-care capital disregard are not yet modeled because the current
+  dataset does not isolate those states or asset holdings. Because the dataset
+  only provides household-level capital stocks, the model allocates the full
+  household total to benunits with a reported income-related ESA award and
+  only falls back to an adult-share proxy when nobody in the household is on
+  that reported claim path. That allocation is a data approximation, not a
+  legislated ownership rule.
 metadata:
   label: Income-related ESA countable capital sources
   period: year
@@ -33,6 +38,6 @@ values:
   2008-10-27:
     - savings
     - owned_land
-    - corporate_wealth
+    - share_like_capital
     - other_residential_property_value
     - non_residential_property_value
diff --git a/policyengine_uk/parameters/gov/dwp/JSA/income/capital/sources.yaml b/policyengine_uk/parameters/gov/dwp/JSA/income/capital/sources.yaml
index 6484484ab8..ab257cc8ce 100644
--- a/policyengine_uk/parameters/gov/dwp/JSA/income/capital/sources.yaml
+++ b/policyengine_uk/parameters/gov/dwp/JSA/income/capital/sources.yaml
@@ -3,22 +3,26 @@ description: >
   Allowance capital. The Jobseeker's Allowance Regulations 1996 treat capital
   as assessable unless it is disregarded under Schedule 8. The current
   mappings are `savings` for liquid capital, `owned_land` for land held
-  directly, `corporate_wealth` as the broad available proxy for share-like
-  financial assets, `other_residential_property_value` for residential
-  property other than the home, and `non_residential_property_value` for other
-  land and premises. `main_residence_value` is excluded because Schedule 8
-  paragraph 1 disregards premises occupied as the claimant's home.
-  `private_pension_wealth` is excluded because Schedule 8 paragraphs 28 and 29
-  disregard the value of the right to receive an occupational or personal
-  pension and the value of funds held under a personal pension scheme. Other
-  Schedule 8 disregards, the higher residential-care capital disregard, and
-  the separate child-capital disregard are not yet modeled because the current
-  dataset does not isolate those states or asset holdings. Because the dataset
-  only provides household-level capital stocks, the model allocates the full
-  household total to benunits with a reported income-based JSA award and only
-  falls back to an adult-share proxy when nobody in the household is on that
-  reported claim path. That allocation is a data approximation, not a
-  legislated ownership rule.
+  directly, the share-like sources, `other_residential_property_value` for
+  residential property other than the home, and
+  `non_residential_property_value` for other land and premises.
+  `share_like_capital` is `corporate_wealth` as supplied, or the sum of its
+  itemised components (`directly_held_shares`, `unit_and_investment_trusts`,
+  `stocks_and_shares_isa`) where they exceed it beyond float32 rounding (see
+  `share_like_capital`), so a household given only the components has them
+  counted and no holding counts twice. `main_residence_value` is excluded
+  because Schedule 8 paragraph 1 disregards premises occupied as the
+  claimant's home. `private_pension_wealth` is excluded because Schedule 8
+  paragraphs 28 and 29 disregard the value of the right to receive an
+  occupational or personal pension and the value of funds held under a
+  personal pension scheme. Other Schedule 8 disregards, the higher
+  residential-care capital disregard, and the separate child-capital disregard
+  are not yet modeled because the current dataset does not isolate those
+  states or asset holdings. Because the dataset only provides household-level
+  capital stocks, the model allocates the full household total to benunits
+  with a reported income-based JSA award and only falls back to an adult-share
+  proxy when nobody in the household is on that reported claim path. That
+  allocation is a data approximation, not a legislated ownership rule.
 metadata:
   label: Income-based JSA countable capital sources
   period: year
@@ -34,6 +38,6 @@ values:
   1996-10-07:
     - savings
     - owned_land
-    - corporate_wealth
+    - share_like_capital
     - other_residential_property_value
     - non_residential_property_value
diff --git a/policyengine_uk/parameters/gov/dwp/housing_benefit/means_test/capital/sources.yaml b/policyengine_uk/parameters/gov/dwp/housing_benefit/means_test/capital/sources.yaml
index e313576158..3bc1850dce 100644
--- a/policyengine_uk/parameters/gov/dwp/housing_benefit/means_test/capital/sources.yaml
+++ b/policyengine_uk/parameters/gov/dwp/housing_benefit/means_test/capital/sources.yaml
@@ -1,24 +1,28 @@
 description: >
-  Model variables currently mapped to countable Housing Benefit capital.
-  The Housing Benefit Regulations 2006 treat the whole of a claimant's capital
-  as assessable unless it is disregarded under Schedule 6. The current mappings
-  are `savings` for liquid capital, `owned_land` for land held directly,
-  `corporate_wealth` as the broad available proxy for share-like financial
-  assets such as stocks, shares, unit trusts, and investment ISAs,
-  `other_residential_property_value` for residential property other than the
-  home, and `non_residential_property_value` for other land and premises.
+  Model variables currently mapped to countable Housing Benefit capital. The
+  Housing Benefit Regulations 2006 treat the whole of a claimant's capital as
+  assessable unless it is disregarded under Schedule 6. The current mappings
+  are `savings` for liquid capital, `owned_land` for land held directly, the
+  share-like sources, `other_residential_property_value` for residential
+  property other than the home, and `non_residential_property_value` for other
+  land and premises. `share_like_capital` is `corporate_wealth` as supplied,
+  or the sum of its itemised components (`directly_held_shares`,
+  `unit_and_investment_trusts`, `stocks_and_shares_isa`) where they exceed it
+  beyond float32 rounding (see `share_like_capital`), so a household given
+  only the components has them counted and no holding counts twice.
   `main_residence_value` is excluded because Schedule 6 paragraph 1 disregards
-  premises occupied as the claimant's home. `private_pension_wealth` is
-  excluded because Schedule 6 paragraphs 31 and 32 disregard the value of the
-  right to receive an occupational or personal pension and the value of funds
-  held under a personal pension scheme (paragraph 24 of Schedule 6 to the
-  pension-age regulations and paragraphs 32 and 33 of Schedule 7 to the
-  Northern Ireland regulations make the same disregard). Datasets built before
-  private pension wealth was split out of `corporate_wealth` still carry it
-  inside that countable bucket. Other Schedule 6 disregards within these broad
-  asset classes are not yet split out separately. Because the
-  dataset only provides household-level capital stocks, the model allocates
-  them across benunits using an adult-share proxy.
+  premises occupied as the claimant's home (paragraph 26 of Schedule 6 to the
+  pension-age regulations). `private_pension_wealth` is excluded because
+  Schedule 6 paragraphs 31 and 32 disregard the value of the right to receive
+  an occupational or personal pension and the value of funds held under a
+  personal pension scheme (paragraph 24 of Schedule 6 to the pension-age
+  regulations and paragraphs 32 and 33 of Schedule 7 to the Northern Ireland
+  regulations make the same disregard). Datasets built before private pension
+  wealth was split out of `corporate_wealth` still carry it inside
+  `share_like_capital`. Other Schedule 6 disregards within these broad asset
+  classes are not yet split out separately. Because the dataset only provides
+  household-level capital stocks, the model allocates them across benunits
+  using an adult-share proxy.
 metadata:
   label: Housing Benefit countable capital sources
   period: year
@@ -34,14 +38,14 @@ metadata:
       href: https://www.legislation.gov.uk/nisr/2006/405/schedule/7/paragraph/32
     - title: The Housing Benefit (Persons who have attained the qualifying age for state pension credit) Regulations 2006 reg. 44(1)
       href: https://www.legislation.gov.uk/uksi/2006/214/regulation/44
-    - title: The Housing Benefit (Persons who have attained the qualifying age for state pension credit) Regulations 2006 Schedule 6 para. 1
-      href: https://www.legislation.gov.uk/uksi/2006/214/schedule/6/paragraph/1
+    - title: The Housing Benefit (Persons who have attained the qualifying age for state pension credit) Regulations 2006 Schedule 6 para. 26
+      href: https://www.legislation.gov.uk/uksi/2006/214/schedule/6/paragraph/26
     - title: The Housing Benefit (Persons who have attained the qualifying age for state pension credit) Regulations 2006 Schedule 6 para. 24
       href: https://www.legislation.gov.uk/uksi/2006/214/schedule/6/paragraph/24
 values:
   2006-04-10:
     - savings
     - owned_land
-    - corporate_wealth
+    - share_like_capital
     - other_residential_property_value
     - non_residential_property_value
diff --git a/policyengine_uk/parameters/gov/dwp/income_support/means_test/capital/sources.yaml b/policyengine_uk/parameters/gov/dwp/income_support/means_test/capital/sources.yaml
index 5b28814633..f2e8658444 100644
--- a/policyengine_uk/parameters/gov/dwp/income_support/means_test/capital/sources.yaml
+++ b/policyengine_uk/parameters/gov/dwp/income_support/means_test/capital/sources.yaml
@@ -3,6 +3,11 @@ description: >
   `private_pension_wealth` is excluded because Schedule 10 paragraphs 23 and
   23A disregard the value of the right to receive an occupational or personal
   pension and the value of funds held under a personal pension scheme.
+  `share_like_capital` is `corporate_wealth` as supplied, or the sum of its
+  itemised components (`directly_held_shares`, `unit_and_investment_trusts`,
+  `stocks_and_shares_isa`) where they exceed it beyond float32 rounding (see
+  `share_like_capital`), so a household given only the components has them
+  counted and no holding counts twice.
 metadata:
   label: Income Support capital sources
   period: year
@@ -22,6 +27,6 @@ values:
   2010-01-01:
   - savings
   - owned_land
-  - corporate_wealth
+  - share_like_capital
   - other_residential_property_value
   - non_residential_property_value
diff --git a/policyengine_uk/parameters/gov/dwp/pension_credit/income/capital/sources.yaml b/policyengine_uk/parameters/gov/dwp/pension_credit/income/capital/sources.yaml
index 0761c1b0f3..93343e1586 100644
--- a/policyengine_uk/parameters/gov/dwp/pension_credit/income/capital/sources.yaml
+++ b/policyengine_uk/parameters/gov/dwp/pension_credit/income/capital/sources.yaml
@@ -5,7 +5,11 @@ description: >
   (Part I) disregard the value of the right to receive income from an
   occupational or personal pension scheme or under a retirement annuity
   contract; the notional income rule for undrawn money purchase pots
-  (regulation 18) is not modelled.
+  (regulation 18) is not modelled. `share_like_capital` is `corporate_wealth`
+  as supplied, or the sum of its itemised components (`directly_held_shares`,
+  `unit_and_investment_trusts`, `stocks_and_shares_isa`) where they exceed it
+  beyond float32 rounding (see `share_like_capital`), so a household given
+  only the components has them counted and no holding counts twice.
 metadata:
   label: Pension Credit capital sources
   unit: list
@@ -25,4 +29,4 @@ values:
     - owned_land
     - other_residential_property_value
     - non_residential_property_value
-    - corporate_wealth
+    - share_like_capital
diff --git a/policyengine_uk/parameters/gov/dwp/universal_credit/means_test/capital/sources.yaml b/policyengine_uk/parameters/gov/dwp/universal_credit/means_test/capital/sources.yaml
index e9d973704b..e94238bb32 100644
--- a/policyengine_uk/parameters/gov/dwp/universal_credit/means_test/capital/sources.yaml
+++ b/policyengine_uk/parameters/gov/dwp/universal_credit/means_test/capital/sources.yaml
@@ -1,32 +1,36 @@
 description: >
-  Household financial proxies for Universal Credit: savings and corporate
-  financial wealth. A nonnegative benunit_reported_capital replaces these
-  financial proxies and covered person-level sources, including a Lifetime ISA.
-  Each benefit unit's complete uc_reported_capital override, otherwise its
-  observed financial total, reduces this financial pool. Subtracting complete
-  overrides retains the inherited allocation convention. An override precedes
-  regulation 77 company substitution and includes its claimant's and partner's
-  holdings: consume at least their disregarded holdings after applying one
-  household corporate_wealth budget without removing them again from the pool.
-  First clip each person's holding to [0, max(0, corporate_wealth)], with
-  positive infinity mapped to the upper bound and negative infinity to zero.
-  If total bounded holdings exceed nonnegative corporate_wealth, scale each
-  person's bounded holding proportionally before override floors and separate
-  pool deductions.
-  This is a defensive rule for inconsistent inputs, not a statutory determination;
-  regulation 77 substitution in the owner's own assessment is unchanged.
-  The residual is allocated by
-  claimant/partner counts to benefit units with neither a financial observation
-  nor a complete override,
-  including units that do not receive UC. This allocation is an assumption
-  about unobserved ownership, not a statutory rule. Countable property is
-  valued and shared independently through property_sources across ALL
-  claimant/partner adults, with complete-override units consuming their shares.
-  Main-home property and the named private_pension_wealth input are excluded
-  under Schedule 10 paragraphs 1 and 10. For missing-report households, the
-  legacy corporate_wealth proxy can still contain non-DB pension wealth that
-  is not separately identified and removed. Asset-specific Schedule 10 disregards
-  within these broad financial classes are not separately observed.
+  Household financial proxies for Universal Credit: savings and share-like
+  financial wealth. `share_like_capital` is `corporate_wealth` as supplied, or
+  the sum of its itemised components (`directly_held_shares`,
+  `unit_and_investment_trusts`, `stocks_and_shares_isa`) where they exceed it
+  beyond float32 rounding, so a household given only the components has them
+  counted and no holding counts twice. A nonnegative benunit_reported_capital
+  replaces these financial proxies and covered person-level sources, including
+  a Lifetime ISA. Each benefit unit's complete uc_reported_capital override,
+  otherwise its observed financial total, reduces this financial pool.
+  Subtracting complete overrides retains the inherited allocation convention.
+  An override precedes regulation 77 company substitution and includes its
+  claimant's and partner's holdings: consume at least their disregarded
+  holdings after applying one household share_like_capital budget without
+  removing them again from the pool. First clip each person's holding to [0,
+  max(0, share_like_capital)], with positive infinity mapped to the upper
+  bound and negative infinity to zero. If total bounded holdings exceed
+  nonnegative share_like_capital, scale each person's bounded holding
+  proportionally before override floors and separate pool deductions. This is
+  a defensive rule for inconsistent inputs, not a statutory determination;
+  regulation 77 substitution in the owner's own assessment is unchanged. The
+  residual is allocated by claimant/partner counts to benefit units with
+  neither a financial observation nor a complete override, including units
+  that do not receive UC. This allocation is an assumption about unobserved
+  ownership, not a statutory rule. Countable property is valued and shared
+  independently through property_sources across ALL claimant/partner adults,
+  with complete-override units consuming their shares. Main-home property and
+  the named private_pension_wealth input are excluded under Schedule 10
+  paragraphs 1 and 10. For missing-report households, the legacy
+  corporate_wealth proxy, and so share_like_capital, can still contain non-DB
+  pension wealth that is not separately identified and removed. Asset-specific
+  Schedule 10 disregards within these broad financial classes are not
+  separately observed.
 metadata:
   label: Universal Credit financial capital proxy sources
   period: year
@@ -41,4 +45,4 @@ metadata:
 values:
   2013-04-29:
     - savings
-    - corporate_wealth
+    - share_like_capital
diff --git a/policyengine_uk/tests/test_capital_share_components.py b/policyengine_uk/tests/test_capital_share_components.py
new file mode 100644
index 0000000000..608aa1e94d
--- /dev/null
+++ b/policyengine_uk/tests/test_capital_share_components.py
@@ -0,0 +1,285 @@
+"""share_like_capital replaces corporate_wealth in the means-test capital lists.
+
+Invariants:
+1. share_like_capital is corporate_wealth as supplied (any sign, any fraction)
+   unless the itemised components are positive and exceed it by more than the
+   float32 rounding tolerance, in which case it is exactly their sum.
+2. Differential: for identical inputs that carry no components, or components
+   consistent with corporate_wealth, every programme's assessable capital, and
+   UC eligibility, equal those under the original lists (corporate_wealth),
+   exactly, annually and monthly.
+3. A household given only the components has them counted, down to a penny.
+4. A disregarded company holding (UC reg 77(2)) is budgeted against, and
+   leaves the UC financial pool from, share_like_capital, whether it was
+   entered within corporate_wealth or as an itemised component.
+"""
+
+import numpy as np
+import pytest
+from hypothesis import HealthCheck, given, settings
+from hypothesis import strategies as st
+
+from policyengine_uk import CountryTaxBenefitSystem, Simulation
+from policyengine_uk.variables.household.wealth.share_like_capital import (
+    RELATIVE_TOLERANCE,
+)
+
+COMPONENTS = (
+    "directly_held_shares",
+    "unit_and_investment_trusts",
+    "stocks_and_shares_isa",
+)
+SOURCE_LISTS = {
+    "uc_assessable_capital": "gov.dwp.universal_credit.means_test.capital.sources",
+    "housing_benefit_assessable_capital": "gov.dwp.housing_benefit.means_test.capital.sources",
+    "income_support_assessable_capital": "gov.dwp.income_support.means_test.capital.sources",
+    "jsa_income_assessable_capital": "gov.dwp.JSA.income.capital.sources",
+    "esa_income_assessable_capital": "gov.dwp.ESA.income.capital.sources",
+    "pension_credit_assessable_capital": "gov.dwp.pension_credit.income.capital.sources",
+}
+YEAR = 2026
+SETTINGS = settings(
+    max_examples=25,
+    deadline=None,
+    suppress_health_check=[HealthCheck.too_slow, HealthCheck.data_too_large],
+)
+
+system = CountryTaxBenefitSystem()
+
+
+def _node(path):
+    node = system.parameters
+    for part in path.split("."):
+        node = getattr(node, part)
+    return node
+
+
+def _parameter(path):
+    return _node(path)(f"{YEAR}-01-01")
+
+
+ORIGINAL_LISTS = {
+    path: [
+        "corporate_wealth" if source == "share_like_capital" else source
+        for source in _parameter(path)
+    ]
+    for path in SOURCE_LISTS.values()
+}
+ORIGINAL_REFORM = {
+    path: {f"{YEAR}-01-01.{YEAR + 4}-12-31": sources}
+    for path, sources in ORIGINAL_LISTS.items()
+}
+
+# Pounds and pence, as a dataset stores them in float64; the engine rounds
+# each to float32, which is the rounding the tolerance has to absorb.
+money = st.integers(min_value=0, max_value=20_000_000).map(lambda pence: pence / 100)
+signed_money = st.integers(min_value=-500_000, max_value=20_000_000).map(
+    lambda pence: pence / 100
+)
+
+
+def _situation(households):
+    """One single-adult household per entry; ages alternate 30 and 70."""
+    people, benunits, hhs = {}, {}, {}
+    for i, assets in enumerate(households):
+        people[f"p{i}"] = {"age": {YEAR: 70 if i % 2 else 30}}
+        benunits[f"b{i}"] = {"members": [f"p{i}"], "would_claim_uc": {YEAR: True}}
+        hhs[f"h{i}"] = {
+            "members": [f"p{i}"],
+            **{name: {YEAR: float(value)} for name, value in assets.items()},
+        }
+    return {"people": people, "benunits": benunits, "households": hhs}
+
+
+def _results(households, reform=None, period=YEAR):
+    sim = Simulation(situation=_situation(households), reform=reform)
+    out = {v: sim.calculate(v, period) for v in SOURCE_LISTS}
+    out["is_uc_eligible"] = sim.calculate("is_uc_eligible", period)
+    out["share_like_capital"] = sim.calculate("share_like_capital", YEAR)
+    return out
+
+
+def _assert_same_as_original(households):
+    # A projected year as well, where the inputs are uprated.
+    for period in (YEAR, f"{YEAR}-01", YEAR + 1, f"{YEAR + 1}-01"):
+        new = _results(households, period=period)
+        old = _results(households, reform=ORIGINAL_REFORM, period=period)
+        for variable in (*SOURCE_LISTS, "is_uc_eligible"):
+            assert np.array_equal(new[variable], old[variable]), (variable, period)
+
+
+@pytest.mark.parametrize("variable", SOURCE_LISTS)
+def test_lists_name_share_like_capital_only(variable):
+    sources = list(_parameter(SOURCE_LISTS[variable]))
+    assert "share_like_capital" in sources
+    assert "corporate_wealth" not in sources
+    assert not set(COMPONENTS) & set(sources)
+    # Where a programme lists the sources whose sale incurs expenses, it names
+    # the same share-like variable, or shares would silently lose the
+    # deduction.
+    node = _node(SOURCE_LISTS[variable].rsplit(".", 1)[0])
+    if "sale_expenses" in node.children:
+        sale = list(node.sale_expenses.sources(f"{YEAR}-01-01"))
+        assert not {"corporate_wealth", *COMPONENTS} & set(sale)
+
+
+@SETTINGS
+@given(
+    st.lists(
+        st.tuples(signed_money, st.tuples(money, money, money), st.booleans()),
+        min_size=1,
+        max_size=40,
+    )
+)
+def test_share_like_capital_keeps_the_supplied_aggregate(rows):
+    households = []
+    for corporate_wealth, components, itemise in rows:
+        assets = {"corporate_wealth": corporate_wealth}
+        if itemise:
+            assets |= dict(zip(COMPONENTS, components))
+        households.append(assets)
+    got = _results(households)["share_like_capital"]
+    for value, assets in zip(got, households):
+        cw = np.float32(assets["corporate_wealth"])
+        itemised = np.float32(0)
+        for component in COMPONENTS:
+            itemised = np.float32(itemised + np.float32(assets.get(component, 0)))
+        tolerance = RELATIVE_TOLERANCE * max(abs(cw), itemised)
+        if itemised > 0 and itemised - cw > tolerance:
+            assert value == itemised  # exactly the components' sum
+        else:
+            assert value == cw  # exactly the supplied aggregate
+
+
+@SETTINGS
+@given(
+    st.lists(
+        st.tuples(money, signed_money, st.tuples(money, money, money), st.booleans()),
+        min_size=1,
+        max_size=30,
+    )
+)
+def test_capital_matches_the_original_lists(rows):
+    """Unsplit, or split consistently: identical to listing corporate_wealth."""
+    households = []
+    for savings, corporate_wealth, components, split in rows:
+        assets = {"savings": savings, "corporate_wealth": corporate_wealth}
+        if split:
+            assets |= dict(zip(COMPONENTS, components))
+            assets["corporate_wealth"] = float(sum(components))
+        households.append(assets)
+    _assert_same_as_original(households)
+
+
+def test_float32_rounding_at_the_limit_keeps_eligibility():
+    """Components whose float32 sum overshoots £16,000 by a fraction of a penny."""
+    households = [
+        {
+            "savings": 0,
+            "corporate_wealth": 16_000,
+            "directly_held_shares": 6_744.81,
+            "unit_and_investment_trusts": 6_581.24,
+            "stocks_and_shares_isa": 2_673.95,
+        },
+        {"savings": 6_001, "corporate_wealth": -2},
+        {"savings": 15_999.99, "corporate_wealth": 0.01},
+    ]
+    _assert_same_as_original(households)
+    assert _results(households)["share_like_capital"][0] == 16_000
+
+
+def test_one_unit_of_float32_rounding_above_a_power_of_two_keeps_the_aggregate():
+    """Pence-valued components whose float32 sum lands one unit in the last place
+    (£0.00195) above £16,384.01: more than 1e-7 of the value, less than 1e-6."""
+    households = [
+        {
+            "savings": 0,
+            "corporate_wealth": 16_384.01,
+            "directly_held_shares": 16_015.98,
+            "unit_and_investment_trusts": 286.98,
+            "stocks_and_shares_isa": 81.05,
+        }
+    ]
+    itemised = np.float32(
+        np.float32(np.float32(16_015.98) + np.float32(286.98)) + np.float32(81.05)
+    )
+    assert itemised - np.float32(16_384.01) == np.float32(0.001953125)
+    assert _results(households)["share_like_capital"][0] == np.float32(16_384.01)
+    _assert_same_as_original(households)
+
+
+def test_a_component_penny_at_the_limit_counts():
+    """A penny of shares with no corporate_wealth counts like a penny of it."""
+    as_component = [{"savings": 16_000, "directly_held_shares": 0.01}]
+    as_aggregate = [{"savings": 16_000, "corporate_wealth": 0.01}]
+    for period in (YEAR, f"{YEAR}-01"):
+        component = _results(as_component, period=period)
+        aggregate = _results(as_aggregate, period=period)
+        assert component["share_like_capital"][0] == np.float32(0.01)
+        for variable in (*SOURCE_LISTS, "is_uc_eligible"):
+            assert np.array_equal(component[variable], aggregate[variable]), variable
+        assert not component["is_uc_eligible"][0]
+
+
+def test_a_genuine_excess_over_the_aggregate_counts():
+    """Ten pence of components above the aggregate is a holding, not rounding."""
+    households = [
+        {
+            "corporate_wealth": 16_000,
+            "directly_held_shares": 10_000.10,
+            "stocks_and_shares_isa": 6_000,
+        }
+    ]
+    assert _results(households)["share_like_capital"][0] == np.float32(16_000.10)
+
+
+def test_components_alone_are_counted():
+    households = [
+        {
+            "savings": 1_000,
+            "directly_held_shares": 4_000,
+            "unit_and_investment_trusts": 3_000,
+            "stocks_and_shares_isa": 5_000,
+        }
+    ]
+    got = _results(households)
+    assert got["share_like_capital"][0] == 12_000
+    assert got["uc_assessable_capital"][0] == 13_000
+
+
+def test_a_disregarded_company_holding_leaves_the_capital_that_counts_it():
+    """UC reg 77(2): a holding entered as an itemised component leaves the
+    pool as one entered within corporate_wealth does. Two unreported adults
+    share £10,000 of savings once the owner's £30,000 holding is disregarded."""
+    from policyengine_uk.variables.gov.dwp.universal_credit.household_uc_company_holding_pool_scale import (
+        HOLDINGS_SOURCE,
+    )
+
+    assert HOLDINGS_SOURCE in _parameter(SOURCE_LISTS["uc_assessable_capital"])
+    for shares in ({"corporate_wealth": 30_000}, {"directly_held_shares": 30_000}):
+        situation = {
+            "people": {
+                "owner": {
+                    "age": {YEAR: 40},
+                    "stands_as_sole_owner_or_partner_of_company": {YEAR: True},
+                    "owned_company_carries_on_trade": {YEAR: True},
+                    "owned_company_holding_value": {YEAR: 30_000},
+                },
+                "lodger": {"age": {YEAR: 30}},
+            },
+            "benunits": {
+                "owner_unit": {"members": ["owner"]},
+                "lodger_unit": {"members": ["lodger"]},
+            },
+            "households": {
+                "household": {
+                    "members": ["owner", "lodger"],
+                    "savings": {YEAR: 10_000},
+                    **{name: {YEAR: value} for name, value in shares.items()},
+                }
+            },
+        }
+        sim = Simulation(situation=situation)
+        assert sim.calculate("household_uc_company_holding_pool_scale", YEAR)[0] == 1
+        assert sim.calculate("household_uc_pool_company_holdings", YEAR)[0] == 30_000
+        assert list(sim.calculate("uc_assessable_capital", YEAR)) == [5_000, 5_000]
diff --git a/policyengine_uk/tests/test_wealth_components.py b/policyengine_uk/tests/test_wealth_components.py
new file mode 100644
index 0000000000..489d6ac0f8
--- /dev/null
+++ b/policyengine_uk/tests/test_wealth_components.py
@@ -0,0 +1,47 @@
+"""corporate_wealth's components share its entity, quantity type and uprating
+metadata (class uprating and uprating_indices.yaml index), the condition for a
+dataset's identity corporate_wealth == sum of components to survive projection."""
+
+from pathlib import Path
+
+import yaml
+
+from policyengine_uk import CountryTaxBenefitSystem
+
+COMPONENTS = (
+    "directly_held_shares",
+    "unit_and_investment_trusts",
+    "stocks_and_shares_isa",
+)
+
+system = CountryTaxBenefitSystem()
+UPRATING_INDICES = yaml.safe_load(
+    (Path(__file__).parents[1] / "data" / "uprating_indices.yaml").read_text()
+)
+
+
+def _uprating_index(variable):
+    return [index for index, names in UPRATING_INDICES.items() if variable in names]
+
+
+def test_components_match_corporate_wealth():
+    corporate_wealth = system.variables["corporate_wealth"]
+    for name in COMPONENTS:
+        variable = system.variables[name]
+        assert variable.is_input_variable()
+        assert variable.entity.key == corporate_wealth.entity.key
+        assert variable.quantity_type == corporate_wealth.quantity_type
+        assert variable.uprating == corporate_wealth.uprating
+        assert _uprating_index(name) == _uprating_index("corporate_wealth")
+
+
+def test_cash_isa_is_uprated_with_savings():
+    assert system.variables["cash_isa"].uprating == system.variables["savings"].uprating
+    assert _uprating_index("cash_isa") == _uprating_index("savings")
+
+
+def test_components_are_not_part_of_total_wealth():
+    """total_wealth adds corporate_wealth, which already holds the components."""
+    adds = system.variables["total_wealth"].adds
+    assert "corporate_wealth" in adds
+    assert not set(COMPONENTS) & set(adds)
diff --git a/policyengine_uk/variables/gov/dwp/pension_credit/pension_credit_reported_capital.py b/policyengine_uk/variables/gov/dwp/pension_credit/pension_credit_reported_capital.py
index 536c490645..58fcbcf789 100644
--- a/policyengine_uk/variables/gov/dwp/pension_credit/pension_credit_reported_capital.py
+++ b/policyengine_uk/variables/gov/dwp/pension_credit/pension_credit_reported_capital.py
@@ -13,7 +13,7 @@ class pension_credit_reported_capital(Variable):
         "the benefit unit's recorded capital (benunit_reported_capital) unless "
         "set directly. When this is 0 or more it replaces every capital source "
         "in Pension Credit assessable capital: the household proxy (savings, "
-        "land, property and corporate_wealth) and the person-level sources such "
+        "land, property and share_like_capital) and the person-level sources such "
         "as a Lifetime ISA. The model applies neither the Schedule V disregards "
         "nor the reg. 19 valuation to it, so it must already be the countable "
         "figure, and reforms to the capital source parameters do not reach a "
diff --git a/policyengine_uk/variables/gov/dwp/universal_credit/household_uc_company_holding_pool_scale.py b/policyengine_uk/variables/gov/dwp/universal_credit/household_uc_company_holding_pool_scale.py
index 79a152ab34..c208ec85f1 100644
--- a/policyengine_uk/variables/gov/dwp/universal_credit/household_uc_company_holding_pool_scale.py
+++ b/policyengine_uk/variables/gov/dwp/universal_credit/household_uc_company_holding_pool_scale.py
@@ -1,5 +1,9 @@
 from policyengine_uk.model_api import *
 
+# The capital source that holds a disregarded company holding: the share-like
+# capital the UC financial pool counts, so holdings are budgeted against it.
+HOLDINGS_SOURCE = "share_like_capital"
+
 
 class household_uc_company_holding_pool_scale(Variable):
     value_type = float
@@ -8,10 +12,11 @@ class household_uc_company_holding_pool_scale(Variable):
     documentation = (
         "Common proportional scale for disregarded company holdings when "
         "deducting them from the household financial pool. Before budgeting, "
-        "clip each person's holding to [0, max(0, corporate_wealth)], mapping "
+        "clip each person's holding to [0, max(0, share_like_capital)], mapping "
         "positive infinity to the upper bound and negative infinity to zero. "
         "Total bounded holdings "
-        "share one budget of nonnegative corporate_wealth across override "
+        "share one budget of nonnegative share_like_capital (the share-like "
+        "capital the pool counts) across override "
         "floors and separate pool deductions. This allocation is independent "
         "of row order and treats holders equally. It is a defensive rule for "
         "inconsistent inputs, not a statutory determination. It does not "
@@ -21,16 +26,16 @@ class household_uc_company_holding_pool_scale(Variable):
     unit = "/1"
 
     def formula(household, period, parameters):
-        corporate_wealth = max_(0, household("corporate_wealth", period))
+        share_like = max_(0, household(HOLDINGS_SOURCE, period))
         person = household.members
         holding = person("uc_company_holding_disregard", period)
-        upper_bound = max_(0, person.household("corporate_wealth", period))
+        upper_bound = max_(0, person.household(HOLDINGS_SOURCE, period))
         finite_holding = np.where(
             np.isfinite(holding), holding, np.where(holding > 0, upper_bound, 0)
         )
         holdings = household.sum(np.clip(finite_holding, 0, upper_bound))
         return where(
             holdings > 0,
-            min_(1, corporate_wealth / where(holdings > 0, holdings, 1)),
+            min_(1, share_like / where(holdings > 0, holdings, 1)),
             1,
         )
diff --git a/policyengine_uk/variables/gov/dwp/universal_credit/household_uc_pool_company_holdings.py b/policyengine_uk/variables/gov/dwp/universal_credit/household_uc_pool_company_holdings.py
index a59ed03df3..fe96f39a8f 100644
--- a/policyengine_uk/variables/gov/dwp/universal_credit/household_uc_pool_company_holdings.py
+++ b/policyengine_uk/variables/gov/dwp/universal_credit/household_uc_pool_company_holdings.py
@@ -1,4 +1,7 @@
 from policyengine_uk.model_api import *
+from policyengine_uk.variables.gov.dwp.universal_credit.household_uc_company_holding_pool_scale import (
+    HOLDINGS_SOURCE,
+)
 
 
 class household_uc_pool_company_holdings(Variable):
@@ -18,18 +21,18 @@ class household_uc_pool_company_holdings(Variable):
         "company substitution, so it includes its claimant's and partner's "
         "holdings. household_uc_reported_financial_capital consumes the override "
         "or, if larger, their effective holdings after the shared household "
-        "corporate-wealth budget is applied. Removing "
+        "share-like capital budget is applied. Removing "
         "those holdings again here would count the same disregard twice. "
         "All other holdings leave the pool here, including a dependant's "
         "holding even when their benunit supplies a report or override. "
         "When financial reports and holdings are compatible, no benunit counts "
         "any part of a disregarded holding. An inconsistent financial report "
         "that omits a known holding can leave it in the residual pool. A holding "
-        "is shares, held within the household's corporate_wealth. Each "
-        "person's holding is first clipped to [0, max(0, corporate_wealth)], "
+        "is shares, held within the household's share_like_capital. Each "
+        "person's holding is first clipped to [0, max(0, share_like_capital)], "
         "with positive infinity mapped to the upper bound and negative infinity "
         "to zero before any multiplication. All household holdings then share "
-        "one nonnegative corporate_wealth budget "
+        "one nonnegative share_like_capital budget "
         "through household_uc_company_holding_pool_scale: when their total "
         "exceeds it, scale each person's holding proportionally before "
         "either the override floor or this deduction. This is a defensive "
@@ -52,7 +55,7 @@ def formula(household, period, parameters):
             has_financial_report | has_complete_override
         ) & claimant_or_partner
         holding = person("uc_company_holding_disregard", period)
-        upper_bound = max_(0, person.household("corporate_wealth", period))
+        upper_bound = max_(0, person.household(HOLDINGS_SOURCE, period))
         finite_holding = np.where(
             np.isfinite(holding), holding, np.where(holding > 0, upper_bound, 0)
         )
diff --git a/policyengine_uk/variables/gov/dwp/universal_credit/household_uc_reported_financial_capital.py b/policyengine_uk/variables/gov/dwp/universal_credit/household_uc_reported_financial_capital.py
index 19deb365f2..eaaae275f0 100644
--- a/policyengine_uk/variables/gov/dwp/universal_credit/household_uc_reported_financial_capital.py
+++ b/policyengine_uk/variables/gov/dwp/universal_credit/household_uc_reported_financial_capital.py
@@ -1,4 +1,7 @@
 from policyengine_uk.model_api import *
+from policyengine_uk.variables.gov.dwp.universal_credit.household_uc_company_holding_pool_scale import (
+    HOLDINGS_SOURCE,
+)
 
 
 class household_uc_reported_financial_capital(Variable):
@@ -14,10 +17,10 @@ class household_uc_reported_financial_capital(Variable):
         "so it includes its claimant's and partner's disregarded holdings. "
         "Consume the larger of the override and those holdings after applying "
         "household_uc_company_holding_pool_scale. Each person's holding is "
-        "first clipped to [0, max(0, corporate_wealth)], with positive infinity "
+        "first clipped to [0, max(0, share_like_capital)], with positive infinity "
         "mapped to the upper bound and negative infinity to zero before any "
         "multiplication. All household holdings share "
-        "one nonnegative corporate_wealth budget: if their total exceeds it, "
+        "one nonnegative share_like_capital budget: if their total exceeds it, "
         "scale each person's holding proportionally before either this "
         "override floor or the separate pool deduction. This is a defensive "
         "rule for inconsistent inputs, not a statutory determination. "
@@ -38,7 +41,7 @@ def formula(household, period, parameters):
         financial_capital = person.benunit("benunit_reported_capital", period)
         complete_override = person.benunit("uc_reported_capital", period)
         holding = person("uc_company_holding_disregard", period)
-        upper_bound = max_(0, person.household("corporate_wealth", period))
+        upper_bound = max_(0, person.household(HOLDINGS_SOURCE, period))
         finite_holding = np.where(
             np.isfinite(holding), holding, np.where(holding > 0, upper_bound, 0)
         )
diff --git a/policyengine_uk/variables/gov/dwp/universal_credit/uc_reported_capital.py b/policyengine_uk/variables/gov/dwp/universal_credit/uc_reported_capital.py
index b508828d55..c59e6dfb3a 100644
--- a/policyengine_uk/variables/gov/dwp/universal_credit/uc_reported_capital.py
+++ b/policyengine_uk/variables/gov/dwp/universal_credit/uc_reported_capital.py
@@ -22,7 +22,7 @@ class uc_reported_capital(Variable):
         "override can change a missing-report unit's capital. The complete "
         "override consumes its amount, or its claimant's and partner's "
         "disregarded company holdings after their proportional share of the "
-        "household corporate_wealth budget if larger, "
+        "household share_like_capital budget if larger, "
         "from the financial pool, taking "
         "precedence over the same unit's financial report. "
         "This variable does not derive from the financial-only FRS total. "
diff --git a/policyengine_uk/variables/household/wealth/share_like_capital.py b/policyengine_uk/variables/household/wealth/share_like_capital.py
new file mode 100644
index 0000000000..96c6eabb72
--- /dev/null
+++ b/policyengine_uk/variables/household/wealth/share_like_capital.py
@@ -0,0 +1,55 @@
+from policyengine_uk.model_api import *
+
+# Itemised holdings within this share of the larger of corporate_wealth and
+# their sum are the same holdings rounded differently, not extra wealth.
+# Simulations hold each value as float32 (24-bit significand, spacing 2^-23 of
+# the value): a dataset that builds corporate_wealth as the float64 sum of
+# three components and stores all four rounds each once, and the engine adds
+# the three components in float32, so the two totals differ by at most about
+# 2.5 units in the last place, 3e-7 of the value. 1e-6 leaves a margin of more
+# than three times that and still counts any genuine excess above a millionth.
+# The bound assumes the dataset stores float64 tables, as policyengine-uk-data
+# and microcosm do; float32 tables would add a rounding per side for each year
+# a dataset is projected forward.
+RELATIVE_TOLERANCE = 1e-6
+
+
+class share_like_capital(Variable):
+    label = "share-like capital"
+    documentation = (
+        "Share-like holdings counted by the means-test capital tests: "
+        "corporate_wealth as supplied, unless its itemised components "
+        "(directly_held_shares, unit_and_investment_trusts and "
+        "stocks_and_shares_isa) are positive and add up to more than it by more "
+        "than a millionth of the larger of the two, in which case their sum. "
+        "Datasets that carry only corporate_wealth, or build it as the "
+        "components' sum, therefore count exactly corporate_wealth (any sign): "
+        "the millionth absorbs float32 rounding of the sum. A household given "
+        "only components, with no corporate_wealth, has them counted in full. "
+        "Private pension wealth is not part of it; datasets built before "
+        "private pension wealth was split out of corporate_wealth still carry "
+        "it here."
+    )
+    entity = Household
+    definition_period = YEAR
+    value_type = float
+    unit = GBP
+    quantity_type = STOCK
+
+    def formula(household, period, parameters):
+        corporate_wealth = household("corporate_wealth", period)
+        itemised = add(
+            household,
+            period,
+            [
+                "directly_held_shares",
+                "unit_and_investment_trusts",
+                "stocks_and_shares_isa",
+            ],
+        )
+        tolerance = RELATIVE_TOLERANCE * max_(abs(corporate_wealth), itemised)
+        # Compare the difference, which float32 computes exactly for close
+        # values, rather than adding the tolerance to corporate_wealth, which
+        # would round it up to a whole unit in the last place.
+        exceeds = (itemised > 0) & (itemised - corporate_wealth > tolerance)
+        return where(exceeds, itemised, corporate_wealth)
diff --git a/policyengine_uk/variables/household/wealth/stocks_and_shares_isa.py b/policyengine_uk/variables/household/wealth/stocks_and_shares_isa.py
index 5c9b4d6ccb..caa743d61e 100644
--- a/policyengine_uk/variables/household/wealth/stocks_and_shares_isa.py
+++ b/policyengine_uk/variables/household/wealth/stocks_and_shares_isa.py
@@ -4,7 +4,8 @@
 class stocks_and_shares_isa(Variable):
     label = "stocks and shares ISA holdings"
     documentation = (
-        "Amount held in stocks and shares (investment) Individual Savings Accounts"
+        "Amount held in stocks and shares (investment) Individual Savings "
+        "Accounts. Part of corporate_wealth, so the two must never be summed."
     )
     entity = Household
     definition_period = YEAR
diff --git a/policyengine_uk/variables/input/corporate_wealth.py b/policyengine_uk/variables/input/corporate_wealth.py
index e1dabe6b62..c86bda946e 100644
--- a/policyengine_uk/variables/input/corporate_wealth.py
+++ b/policyengine_uk/variables/input/corporate_wealth.py
@@ -4,11 +4,11 @@
 class corporate_wealth(Variable):
     label = "corporate wealth"
     documentation = (
-        "Wealth held in corporations directly or through investment funds: UK "
-        "shares, employee shares and options, unit and investment trusts, and "
-        "stocks and shares ISAs, imputed from the Wealth and Assets Survey. The "
-        "stocks and shares ISA component is also exported on its own as "
-        "stocks_and_shares_isa, so the two must never be summed. Private pension "
+        "Wealth held in corporations directly or through investment funds, "
+        "outside pensions: directly_held_shares (UK shares and employee shares "
+        "and options), unit_and_investment_trusts and stocks_and_shares_isa. "
+        "Datasets that carry those components build this variable as their "
+        "exact sum, so it must never be summed with any of them. Private pension "
         "wealth is carried separately in private_pension_wealth; datasets built "
         "before that split folded it into this variable."
     )
diff --git a/policyengine_uk/variables/input/directly_held_shares.py b/policyengine_uk/variables/input/directly_held_shares.py
new file mode 100644
index 0000000000..5fe9fd079f
--- /dev/null
+++ b/policyengine_uk/variables/input/directly_held_shares.py
@@ -0,0 +1,25 @@
+from policyengine_uk.model_api import *
+
+
+class directly_held_shares(Variable):
+    label = "directly held shares"
+    documentation = (
+        "Value of shares the household holds directly, outside ISAs and pooled "
+        "funds: shares in UK companies, listed or not (the Wealth and Assets "
+        "Survey question), and employee shares and share options. Part of "
+        "corporate_wealth, so the two must never be summed. Imputed for the "
+        "Enhanced FRS from the Wealth and Assets Survey's UK shares and "
+        "employee shares and options (policyengine-uk-data#501); overseas "
+        "shares are not imputed. Quoted shares are valued at their price less "
+        "10% for the expenses of sale (Advice for Decision Making H1665 for "
+        "Universal Credit; Decision Makers' Guide 29671, 52671 and 84763 for "
+        "Income Support and JSA, ESA and Pension Credit); unquoted shares need "
+        "an expert valuation (ADM H1679-H1681)."
+    )
+    entity = Household
+    definition_period = YEAR
+    value_type = float
+    unit = GBP
+    uprating = "gov.economic_assumptions.indices.obr.per_capita.gdp"
+    quantity_type = STOCK
+    default_value = 0
diff --git a/policyengine_uk/variables/input/owned_company/owned_company_holding_value.py b/policyengine_uk/variables/input/owned_company/owned_company_holding_value.py
index 2624e2cc7e..bf9700e36e 100644
--- a/policyengine_uk/variables/input/owned_company/owned_company_holding_value.py
+++ b/policyengine_uk/variables/input/owned_company/owned_company_holding_value.py
@@ -8,8 +8,9 @@ class owned_company_holding_value(Variable):
     documentation = (
         "The value of the person's holding (their shares) in the company in "
         "which they stand as sole owner or partner, to the extent that it is "
-        "already counted in the household's capital (for example within "
-        "corporate_wealth) or in uc_reported_capital."
+        "already counted in the household's capital (within its share-like "
+        "capital: corporate_wealth or its itemised components) or in "
+        "uc_reported_capital."
     )
     definition_period = YEAR
     unit = GBP
diff --git a/policyengine_uk/variables/input/unit_and_investment_trusts.py b/policyengine_uk/variables/input/unit_and_investment_trusts.py
new file mode 100644
index 0000000000..2352d63f49
--- /dev/null
+++ b/policyengine_uk/variables/input/unit_and_investment_trusts.py
@@ -0,0 +1,23 @@
+from policyengine_uk.model_api import *
+
+
+class unit_and_investment_trusts(Variable):
+    label = "unit and investment trusts"
+    documentation = (
+        "Value of the household's holdings of unit trusts and investment trusts "
+        "outside ISAs. The Wealth and Assets Survey asks about both in one "
+        "question, so the Enhanced FRS cannot separate them "
+        "(policyengine-uk-data#501). Part of corporate_wealth, so the two must "
+        "never be summed. Unit trusts are valued at the bid price with no "
+        "deduction for expenses of sale, because the holder withdraws through "
+        "the manager (Advice for Decision Making H1673-H1674; Decision Makers' "
+        "Guide 29680-29681). Investment trusts are companies whose shares are "
+        "quoted, so they fall under the quoted-share rule (ADM H1665)."
+    )
+    entity = Household
+    definition_period = YEAR
+    value_type = float
+    unit = GBP
+    uprating = "gov.economic_assumptions.indices.obr.per_capita.gdp"
+    quantity_type = STOCK
+    default_value = 0