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 F1if conditions A to E are met.

Condition A is that at the time of the transaction the investment manager is carrying on a business of providing investment management services.

Condition B is that the transaction is carried out in the ordinary course of that business.

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.

Condition D is that the requirements of the 20% rule are met (see section 819).

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.

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