A constant NAV fund is an offshore fund with maintains a constant net asset value as a result of the nature of its assets and the frequency with which it distributes income (the Offshore Funds (Tax) Regulations 2009 (SI 2009/3001), reg. 118; specifically, the fund's net asset value must not fluctuate by more than an insignificant amount throughout its existence). The reporting funds regime applies in a modified form to constant NAV funds, as follows:
(1)When applying for entry into the regime, a constant NAV fund is only required to provide the following information:
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