IFM13235 - Offshore Funds: participants in offshore funds: participants within the charge to corporation tax: reporting funds that are constant NAV funds
Regulation 118 of SI 2009/3001
A “constant NAV fundâ€� 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. »Ê¹ÚÌåÓýapp distributions are treated as income of the investors at the time they are made.