Section 3 of the Insurance Act 1936 is amended by substituting the following definition for the definition of "premium":

"the word 'premium' means any money or money's worth payable or paid to any person who carries on an assurance business and who in consideration of such money or money's worth undertakes any liability under any policy, bond or certificate, except that, for the purposes of -

(a) calculating the solvency measures of such business (including any solvency margin or solvency ratio thereof), or

(b) computing such a person's profits for an accounting period for the purposes of corporation tax within the meaning of the Taxes Consolidation Act 1997,

such word does not include money or money's worth of an amount equal to the amount payable or paid by such a person in respect of a stamp duty under section 125A of the Stamp Duties Consolidation Act 1999;".