This part of GOV.UK is being rebuilt – find out what beta means

HMRC internal manual

Offshore Funds Manual

Meaning of mutual fund: conditions: condition ’A’ - Section 356(3) TIOPA 2010

Condition A requires it to be the purpose or effect of the arrangements to enable the participants to ‘participate in the acquisition, holding, management or disposal of the property, or to receive profits or income from those transactions or sums paid out of such profits or income’.

The condition is deliberately drawn widely so that it applies to a broad range of arrangements that are designed to facilitate pooled investment. ‘Property’ in this context therefore applies to all asset classes, including securities, equities, and real property and also includes contracts and derivatives.