(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
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