6(1)Regulations under section 41 of FA 2008 may not make provision about the treatment of a person in respect of any rights in an affected offshore fund that are acquired by the person—U.K.
(a)before 1 December 2009, or
(b)in accordance with sub-paragraph (2),
(but see sub-paragraph (4)).
(2)Rights are acquired in accordance with this sub-paragraph if—
(a)the rights are acquired by the participant in accordance with a legally enforceable agreement in writing that was entered into by the participant before 30 April 2009,
(b)if the agreement was conditional, the conditions are satisfied before that date, and
(c)the agreement is not varied on or after that date.
(3)Rights of a person in a fund are rights in an affected offshore fund if—
(a)the fund is an offshore fund within the meaning of section 40A of FA 2008, but
(b)on the date on which the person acquired them, the fund was not an offshore fund within the meaning of Chapter 5 of Part 17 of ICTA.
(4)Sub-paragraph (1) does not prevent regulations under section 41 of FA 2008 making—
(a)provision for a person to elect to be treated in accordance with the regulations in respect of rights referred to in that sub-paragraph, or
(b)provision that does not increase the person's liability to tax in respect of such rights.