http://www.m0a.com/pic-sic-dual-how-to-log-flight-time/
[h=3]Pilot-in-command (PIC) flight time[/h]
The holder of a license may log as pilot-in-command time all of the flight time during which he is the pilot-in-command.
The applicant for or the holder of a pilot license may log as pilot-in-command time all solo flight time provided that such time is countersigned by the instructor or certified by the appropriate Flight Training or Type Rating Training Organization.
The holder of an instructor rating may log as pilot-in-command all flight time during which he acts as an Instructor in an aeroplane or helicopter. The pilot receiving instruction must log this flight time as Dual Instruction or co-pilot if the aircraft is certificated or required to be operated by a co-pilot (this instruction cannot be recorded as PIC).
The holder of an Examiner’s authorisation may log as PIC all flight time during which he occupies a pilot’s seat and acts as an Examiner in an aeroplane or helicopter.