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HMRC internal manual

Offshore Funds Manual

Meaning of mutual fund: conditions: condition 'C': meaning of 'reasonable investor' - Section 356(6) Finance Act 2008

A ‘reasonable investor’ is not defined in the legislation. It is assumed that such an investor (whether an individual, corporate investor, or otherwise) would have read the documentation and taken account of all additional material and communications of any nature whatsoever provided by the fund prior to investing.

Where the scheme documentation is not written in a language that the investor can understand then it is assumed that the investor will have obtained a translation of the prospectus and any other relevant scheme documents or material.