diff --git a/changelog.d/wealth-share-components.added.md b/changelog.d/wealth-share-components.added.md
new file mode 100644
index 0000000000..a161d13f25
--- /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 larger, the sum of its components (`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 5871432b7b..a7585e29af 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 7cebef7f9a..942d6e74b2 100644
--- a/policyengine_uk/data/uprating_indices.yaml
+++ b/policyengine_uk/data/uprating_indices.yaml
@@ -93,7 +93,9 @@ gov.economic_assumptions.yoy_growth.obr.per_capita.gdp:
 - capital_gains_residential_property
 - capital_gains_carried_interest
 - benunit_reported_capital
+- cash_isa
 - corporate_wealth
+- directly_held_shares
 - dividend_income
 - gross_financial_wealth
 - household_lifetime_isa_balance
@@ -118,10 +120,12 @@ gov.economic_assumptions.yoy_growth.obr.per_capita.gdp:
 - property_rental_income
 - savings
 - savings_interest_income
+- stocks_and_shares_isa
 - sublet_income
 # A formula of benunit_reported_capital; listed so a dataset that stores it
 # directly is uprated like the input.
 - uc_reported_capital
+- unit_and_investment_trusts
 gov.economic_assumptions.yoy_growth.obr.per_capita.mixed_income:
 - self_employment_income
 gov.economic_assumptions.yoy_growth.obr.private_pension_index:
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..a5de71cb3e 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 +3,25 @@ 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 that is larger, 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 +37,6 @@ 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..7c5262e767 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 that is larger, 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..dbf6a86c0b 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 +1,27 @@
 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.
-  `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
+  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 that is larger,
+  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 (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 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.
+  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 +37,14 @@ 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..971341aa06 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 +3,10 @@ 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 that is larger, 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 +26,6 @@ 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..b567570949 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 that is larger,
+  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 0909fa260e..c4615ccf9c 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
@@ -1,29 +1,35 @@
 description: >
   Model variables currently mapped to countable Universal Credit capital.
-  Regulation 46 takes the whole of a person's capital into account unless it is
-  treated as income or disregarded under regulation 48 and Schedule 10. The
+  Regulation 46 takes the whole of a person's capital into account unless it
+  is treated as income or disregarded under regulation 48 and Schedule 10. The
   current mappings are `savings` for liquid capital,
   `other_residential_property_value` for residential property other than the
-  home, `non_residential_property_value` for other land and premises, and
-  `corporate_wealth` for shares and similar investment assets. `main_residence_value`
-  is excluded because Schedule 10 paragraph 1 disregards premises occupied as
-  the person's home. `private_pension_wealth` is excluded because Schedule 10
-  paragraph 10 disregards the value of any right to receive a pension under an
-  occupational or personal pension scheme (or any other scheme registered under
-  section 153 of the Finance Act 2004; paragraph 10 of Schedule 10 to the
-  Northern Ireland regulations makes the same disregard); pension income
-  actually drawn counts as unearned income instead. Other Schedule 10 disregards within these broad asset
-  classes are not yet split out separately. Where only household-level capital
-  is available for a multi-benunit household, the model uses a household-wide
-  adult-share proxy for residual capital because the dataset does not identify
-  which adults hold the beneficial interest in each capital asset. The
-  denominator is all unreported adults in the household, including adults in
-  benunits that are not themselves UC claimants. That proxy is a data
-  approximation, not a legislated allocation rule. Regulation 47 is cited only
-  as related context on jointly held capital. If some benunits provide
-  `uc_reported_capital` (by default the benefit unit's recorded capital,
-  `benunit_reported_capital`), the proxy is applied only to the residual
-  household capital for benunits that remain unreported.
+  home, `non_residential_property_value` for other land and premises, and the
+  share-like sources. `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 that is larger,
+  so a household given only the components has them counted and no holding
+  counts twice. `main_residence_value` is excluded because Schedule 10
+  paragraph 1 disregards premises occupied as the person's home.
+  `private_pension_wealth` is excluded because Schedule 10 paragraph 10
+  disregards the value of any right to receive a pension under an occupational
+  or personal pension scheme (or any other scheme registered under section 153
+  of the Finance Act 2004; paragraph 10 of Schedule 10 to the Northern Ireland
+  regulations makes the same disregard); pension income actually drawn counts
+  as unearned income instead; datasets built before it was split out of
+  `corporate_wealth` still carry it inside `share_like_capital`. Other
+  Schedule 10 disregards within these broad asset classes are not yet split
+  out separately. Where only household-level capital is available for a
+  multi-benunit household, the model uses a household-wide adult-share proxy
+  for residual capital because the dataset does not identify which adults hold
+  the beneficial interest in each capital asset. The denominator is all
+  unreported adults in the household, including adults in benunits that are
+  not themselves UC claimants. That proxy is a data approximation, not a
+  legislated allocation rule. Regulation 47 is cited only as related context
+  on jointly held capital. If some benunits provide `uc_reported_capital` (by
+  default the benefit unit's recorded capital, `benunit_reported_capital`),
+  the proxy is applied only to the residual household capital for benunits
+  that remain unreported.
 metadata:
   label: Universal Credit countable capital sources
   period: year
@@ -46,4 +52,4 @@ values:
     - savings
     - other_residential_property_value
     - non_residential_property_value
-    - 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..3194e95198
--- /dev/null
+++ b/policyengine_uk/tests/test_capital_share_components.py
@@ -0,0 +1,181 @@
+"""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 add up to more than it by more than the
+   rounding tolerance, in which case it is their sum.
+2. Differential: for identical inputs that carry no components, or components
+   consistent with corporate_wealth, every programme's assessable capital and
+   eligibility equal those under the original lists (corporate_wealth),
+   exactly, annually and monthly.
+3. A household given only the components has them counted.
+"""
+
+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 (
+    ABSOLUTE_TOLERANCE,
+    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 _parameter(path):
+    node = system.parameters
+    for part in path.split("."):
+        node = getattr(node, part)
+    return node(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: {str(YEAR): sources} for path, sources in ORIGINAL_LISTS.items()
+}
+
+money = st.floats(min_value=0, max_value=200_000, allow_nan=False, width=32)
+signed_money = st.floats(min_value=-5_000, max_value=200_000, allow_nan=False, width=32)
+
+
+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):
+    for period in (YEAR, f"{YEAR}-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)
+
+
+@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(sum(np.float32(assets.get(c, 0)) for c in COMPONENTS))
+        tolerance = RELATIVE_TOLERANCE * abs(cw) + ABSOLUTE_TOLERANCE
+        expected = itemised if itemised > 0 and itemised > cw + tolerance else cw
+        assert value == pytest.approx(expected, rel=1e-6, abs=1e-3)
+        if not (itemised > 0 and itemised > cw + tolerance):
+            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_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
diff --git a/policyengine_uk/tests/test_wealth_components.py b/policyengine_uk/tests/test_wealth_components.py
new file mode 100644
index 0000000000..98e4799477
--- /dev/null
+++ b/policyengine_uk/tests/test_wealth_components.py
@@ -0,0 +1,46 @@
+"""corporate_wealth's components share its entity, quantity type and uprating, so
+a dataset's identity corporate_wealth == sum of components survives 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/household/wealth/share_like_capital.py b/policyengine_uk/variables/household/wealth/share_like_capital.py
new file mode 100644
index 0000000000..967be954db
--- /dev/null
+++ b/policyengine_uk/variables/household/wealth/share_like_capital.py
@@ -0,0 +1,43 @@
+from policyengine_uk.model_api import *
+
+# Itemised holdings within this much of corporate_wealth are the same holdings
+# rounded differently (float32 sums of the components), not extra wealth.
+RELATIVE_TOLERANCE = 1e-5
+ABSOLUTE_TOLERANCE = 0.01
+
+
+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) add up to more than it, in which case their sum. "
+        "So datasets that carry only corporate_wealth, or build it as the "
+        "components' sum, count exactly corporate_wealth (any sign), and a "
+        "household given only the components has them counted. A gap within "
+        "a hundred-thousandth of corporate_wealth plus a penny is treated as "
+        "rounding, so the supplied aggregate is kept. 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 * abs(corporate_wealth) + ABSOLUTE_TOLERANCE
+        exceeds = (itemised > 0) & (itemised > corporate_wealth + tolerance)
+        return where(exceeds, itemised, corporate_wealth)
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/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