SCHEDULES

SCHEDULE 9Transitionals and savings etc

Part 8Offshore funds

Restriction on regulation-making power under section 354

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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—

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.