# The Common Investment Scheme 2004, Paragraph 7


(1) The provisions of this paragraph have effect for the purpose of valuing units.
(2) On any valuation day, all units in issue are of equal value.
(3) In this paragraph, the “adjusted fund value” on a valuation day is an amount equal to the value of the fund on that day, plus any income accrued since the last accounting date, minus any accrued liabilities chargeable against the fund.
(4) For the purposes of sub-paragraph (3), income is to be treated as accruing daily.
(5) The value of a unit is an amount equal to the adjusted fund value divided by the number of units into which the fund is treated as being divided on the valuation day in question.
(6) The buying or selling price of a unit on a valuation day shall be the value of the unit on that day increased or reduced respectively, as the investment manager considers appropriate, to allow for the costs of the creation or realisation of units.

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Source: https://www.legislation.gov.uk/uksi/2004/266/schedule/2/paragraph/7 (the official version)
Page: https://openlegislation.uk/common-investment-scheme-2004/schedule-2/paragraph-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.