113U.K.A capital redemption policy where the contract was made before 23rd March 1999 is only a “foreign capital redemption policy” for the purposes of Chapter 9 of Part 4 if—
(a)it falls within paragraph (a) of the definition of that expression in section 476(3), and
(b)it is not excluded by paragraph 104 (certain pre-23rd February 1984 policies not foreign capital redemption policies).