Section 133 of the Finance Act, 1993, is amended -

(a) by substituting the following for subsection (1):

"(1) In this section -

'assurance company' has the meaning assigned to it by section 706 of the Taxes Consolidation Act, 1997;

'new policy' means a contract entered into by an assurance company which is a policy of assurance on the life of any person issued on or after 1 January 2001;

'old policy' means a contract entered into by an assurance company in the course of carrying on a foreign life assurance business within the meaning of section 451 of the Taxes Consolidation Act, 1997, and issued on or after 1 December 1992 and before 1 January 2001.",

(b) in subsection (2) by substituting "new policy or in an old policy" for "policy", and

(c) by substituting the following for subsection (3):

"(3) Where -

(a) an interest in a new policy or in an old policy, as the case may be, which is comprised in a gift or inheritance came into the beneficial ownership of the disponer or became subject to the disposition prior to 15 February 2001, and

(b) the conditions at subparagraphs (i) and (iii) of subsection (2) are complied with,