Section 835M — Income Tax Act 2007: The independent investment manager conditions

The independent investment manager conditions 835M 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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.