The interpretation of the rules seems to vary from region to region and person to person. I asked local AO and was told very definetly only one firearm per licence holder and the unlicensed shooter needs to be within arms reach of the licensed shooter at all times when in possession of the firearm in a hunting or pest control situation.
This means it is possible your local AO may give you some advice that will be different from a potential prosecution if something goes wrong, so get the advice in writing then you're good to go.
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