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.