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HMRC internal manual

International Manual

Non-residents trading in the UK: through UK investment managers, brokers or Lloyd’s agents: the independence test: meaning of "widely held"

What “widely held” means

A fund is ‘widely held’ in this context if either no majority interest in the fund is ultimately held by five or fewer persons and persons connected with them, or if no interest of more than 20% is held by a person and persons connected with him.

The fund may need to establish a track record before new investors are obtained and will therefore have 18 months from the commencement of trading in the UK to meet the widely held test.