INTM269080 - Non-residents trading in the UK: through UK investment managers, brokers or Lloyd바카라 사이트™s agents: investment managers: the independence test: examples of when satisfied

When is the independence test satisfied?

The requirement is that the investment manager must act for the non-resident in an independent capacity. The revised SP01/2001, published in November 2016, sets out examples of circumstances in which HMRC will consider the test to be met. These are where:

  1. the non-resident is a widely held collective fund (see INTM269100), or
  2. if the non-resident is not a widely held collective fund it is either being actively marketed with the intention that it become one, or is being wound up or dissolved, or
  3. if neither (a) nor (b) apply, the provision of services by the investment manager to the non-resident and persons connected with it is not a 바카라 사이트˜substantial part바카라 사이트™ (see INTM269090) of the investment manager바카라 사이트™s business.

If none of the above apply, the test will be met where, having regard to its legal, financial and commercial characteristics, the relationship between the investment manager and the non-resident is a relationship between persons carrying on independent businesses dealing with each other on arm바카라 사이트™s length terms. HMRC will have regard to the overall circumstances of the relationship between the non-resident and the investment manager in determining whether they are carrying on independent businesses that deal with each other on arm바카라 사이트™s length terms.

A subsidiary is not prevented from being considered independent of its parent company in this regard solely because of the parent company바카라 사이트™s ownership of the share capital.