Related Commentary  Related HMRC Manuals

356(1)  In section 355 “mutual fund” means arrangements with respect to property of any description (including money) that meet conditions A, B and C.

356(2)  Subsection (1) is subject–

(a)to the exceptions made by or under sections 357 and 359, and

(b)to sections 360 and 361.

356(3)  Condition A is that the purpose or effect of the arrangements is to enable the participants–

(a)to participate in the acquisition, holding, management or disposal of the property, or

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