[F1835MThe independent investment manager conditionsU.K.
(1)The independent investment manager conditions are met in relation to an investment transaction carried out on behalf of a non-UK resident by an investment manager in the United Kingdom if conditions A to E are met.
(2)Condition A is that at the time of the transaction the investment manager is carrying on a business of providing investment management services.
(3)Condition B is that the transaction is carried out in the ordinary course of that business.
(4)Condition C is that, when the investment manager acts on behalf of the non-UK resident in relation to the transaction, the relationship between them, having regard to its legal, financial and commercial characteristics, is a relationship between persons carrying on independent businesses dealing with each other at arm's length.
(5)Condition D is that the requirements of the 20% rule are met (see section 835N).
(6)Condition E is that the remuneration which the investment manager receives in respect of the transaction for the provision of investment management services to the non-UK resident is not less than is customary for that class of business.]
Textual Amendments
F1S. 835M and cross-heading inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 6 para. 11 (with Sch. 9 paras. 1-9, 22)