Oz,
No, I'm not missing the point. In the UK, both the student and the instructor can log it.
SAS's post described my own interpretation of the rules if you decide to log time by sole reference to instruments.
But I would go even further, and say that if you decide to log IFR time, and are clearly carrying out a flight in accordance with IFR (e.g. practicing instrument approaches), then you may both log the time even on a gin clear day.
FFF
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