(1) Section 124B of the Principal Act is amended in subsection (1):

(a) by substituting the following for the definition of "assessable amount":

"'assessable amount', in relation to a quarter, means the gross amount received by an insurer by means of premiums in that quarter for policies of life insurance referred to in classes I, II, III, IV, V and VI of Annex I to the Directive to the extent that the risks to which those policies of life insurance relate are located in the State (being risks deemed to be located in the State by virtue of section 61) but excluding amounts received in respect of pension business which shall be construed in accordance with subsections (2) and (3) of section 706 of the Taxes Consolidation Act 1997 and excluding amounts received in the course of or by means of reinsurance;",

(b) by substituting the following for the definition of "due date":

"'due date' means, in respect of the quarter ending on -

(a) 31 March in any year, 25 April in the same year,

(b) 30 June in any year, 25 July in the same year,

(c) 30 September in any year, 25 October in the same year, and

(d) 31 December in any year, 25 January in the following year;",

and