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HMRC internal manual

Investment Funds Manual

Condition C: Continuing Requirements

Where a fund is already established, HMRC would not expect the fund documents (or draft fund documents) supplied to be in conflict with the fund’s normal practice of marketing and making available the units or shares in the fund. If there is any conflict then the fund should include an explanation as to why this is the case and where necessary set out proposed changes in practices (to comply with condition C), with their application.

Where the fund documents meet Conditions A (IFM17310) and B (IFM17320) and clearance has been given to a newly established fund on the basis of meeting these two conditions, then HMRC expects that Condition C will normally be met because the fund’s own documentation will require this in accordance with Condition A.