357 Exceptions to definition of “mutual fund”
Taxation (International and Other Provisions) Act 2010 (2010 c 8) | Legislation

357  Exceptions to definition of “mutual fund”

(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.

(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

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