Article 4

In section 70 of the Act—

(a)

in subsection (1), for the words “the following provisions of this section” there shall be substituted “subsection (1A) below”;

(b)

after subsection (1) there shall be inserted the following—

“(1A)

A contract is not a taxable insurance contract if it falls within one or more of the paragraphs of Part I of Schedule 7A to this Act.

(1B)

Part II of Schedule 7A to this Act (interpretation of certain provisions of Part I) shall have effect.”;

(c)

subsections (2) to (10) shall be deleted.