Related Commentary  Related HMRC Manuals

357(1)  Arrangements are not a mutual fund for the purposes of section 355 if–

(a)condition D is met, and

(b)condition E or F is met.

357(2)  Condition D is that, under the terms of the arrangements, a reasonable investor participating in the arrangements would expect to be able to realise all or part of an investment in the arrangements on a basis mentioned in section 356(6) only in the event of the winding up, dissolution or termination of the arrangements.

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