(1) Chapter 6 of Part 26 of the Principal Act is amended -

(a) in section 730H(1) -

(i) by inserting the following after the definition of "chargeable period":

"'deemed disposal' means a disposal of the type provided for in section 730K(6);",

and

(ii) by inserting the following after the definition of "offshore state":

"'relevant event' means the ending of a relevant period, where

'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; but where -

(a) premiums under the terms of the policy are paid annually or at more frequent intervals, and

(b) the total amount of such premiums does not exceed €3,000 per annum,

then this definition shall apply as if any reference to 8 years were a reference to 12 years;",

and

(b) in section 730K -

(i) in subsection (3) -

(I) by renumbering the existing provision as paragraph (a), and