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


(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.

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Source: https://www.legislation.gov.uk/ukpga/2007/3/section/835M (the official version)
Page: https://openlegislation.uk/income-tax-act-2007/section-835M
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.