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HMRC internal manual

Offshore Funds Manual

From
HM Revenue & Customs
Updated
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Reporting funds: duties of reporting funds: constant NAV funds - Regulation 121

A “constant NAV fund” is an offshore fund whose net asset value (expressed in the currency in which units are issued) does not fluctuate by more than an insignificant amount throughout the fund’s existence, as a result of the nature of the fund’s assets, and the frequency with which the fund distributes its income (regulation 118).

The reporting fund rules are modified in a number of regards for constant NAV funds - see OFM30000 onwards for details.