PART 2THE TREATMENT OF PARTICIPANTS IN NON-REPORTING FUNDS
CHAPTER 3EXCEPTIONS ETC. FROM THE CHARGE TO TAX
Rights in certain existing holdings30
1
No liability to tax arises under regulation 17 in respect of any rights in an offshore fund to which this regulation applies if the rights are acquired by a person—
a
before 1st December 2009, or
b
in accordance with paragraph (2).
2
Rights are acquired in accordance with this 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 30th April 2009,
b
in the case of an agreement which was conditional, the conditions are met 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 offshore fund to which this regulation applies if, on the date on which the person acquired the rights, those rights did not constitute a material interest in an offshore fund within the meaning of that expression given by section 759 of ICTA21.