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Amendment of section 730H (interpretation and application) of Principal Act.
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42.— (1) Section 730H of the Principal Act is amended in subsection (1)—
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(a) in the definition of “relevant event” by substituting “period;” for “period, where”, and
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(b) by substituting the following for the definition of “relevant period”:
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“ ‘ relevant period ’ in relation to a foreign life policy means a period of 8 years beginning with the inception of the policy and each subsequent period of 8 years beginning immediately after the preceding relevant period;”.
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(2) This section applies as respects any relevant event (within the meaning of section 730H(1) of the Principal Act) occurring on or after the passing of this Act in respect of a foreign life policy (within the meaning of section 730H(1) of the Principal Act) taken out on or after 1 January 2001.
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