Regardless of which seat you are sitting in, and who signed for what, according to the FAA if you are the pilot solely manipulating the controls , whilst doing so you can log PIC time.
The CAA , when i spoke to them about it, in a nutshell said if the hours were flown within the limitations and rules of an FAA licence ie. PIC when it should be logged, and CPL if doing commercial work, or Dual if flying with a CFI., could be counted towards licence issue in JAA land
Chester