33(1)Regulations under section 354 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 (3).
(2)Sub-paragraph (1) is subject to paragraph 34.
(3)Rights are acquired by a person in accordance with this sub-paragraph if—
(a)the rights are acquired by the person in accordance with a legally enforceable agreement in writing that was entered into by the person before 30 April 2009,
(b)in the case of a conditional agreement, the conditions are satisfied before that date, and
(c)the agreement is not varied on or after that date.
(4)For the purposes of this paragraph 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 354, 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.
34U.K.Paragraph 33 does not prevent regulations under section 354 making—
(a)provision for a person to elect to be treated in accordance with the regulations in respect of rights referred to in that paragraph, or
(b)provision that does not increase the person's liability to tax in respect of such rights.