(1) Notwithstanding any other provision of the Tax Acts, this section shall apply for the purposes of regulating the time and manner in which appropriate tax in connection with a chargeable event in relation to a life policy shall be accounted for and paid.

(2) An assurance company shall for each financial year make to the Collector-General -

(a) a return of the appropriate tax, and amounts which may be credited under section 730F(1A), in connection with chargeable events happening on or prior to 30 June, within 30 days of that date, and

(b) a return of appropriate tax, and amounts which may be credited under section 730F(1A), in connection with chargeable events happening between 1 July and 31 December, within 30 days of that later date, and

where it is the case, the return shall specify that there is no appropriate tax for the period in question.