IFM12226 | Offshore Funds: Definition of an offshore fund: Meaning of ‘offshore fund’: property held on trust - s355(1)(b) TIOPA 2010

It will usually be the case that offshore trust arrangements will not come within the definition of a mutual fund, but those that do come within the meaning of a mutual fund at S355 (1)(b) TIOPA 2010 will be offshore funds, unless exceptionally the trust is ‘closed-ended’ - that is, it cannot issue or redeem units on request - and it falls within any of the exceptions within S357 TIOPA 2010.

See IFM12231 onwards for guidance regarding the meaning of the term ‘mutual fund’.