Section 835M | The independent investment manager conditions ^F1

(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(5)Repealed^F2

(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.