As of 6 April 1997 this text has repealed
(1) Section 36 of the Finance Act, 1988, is hereby amended in paragraph (a) of subsection (4) by the substitution for the definition of "foreign life assurance business" of the following definition:
"‘foreign life assurance business’ means relevant trading operations within the meaning of the said section 39B consisting of life assurance business with policy holders and annuitants who, at the time such business is contracted, reside outside the State and as regards any policy issued or contract made, as the case may be, with such policy holders or annuitants in the course of such business, such policy or contract does not provide for -
(a) the granting of any additional contractual rights, or
(b) an option to have another policy or contract substituted for it,
at a time when the policy holder or annuitant, as the case may be, resides in the State;".
(2) This section shall apply and have effect as on and from the 6th day of April, 1997.