(1) The Principal Act is amended by inserting the following section after section 597:

"Entrepreneur relief

597A.

(1) In this section -

'chargeable business asset' means an asset, including goodwill but not including shares (other than shares mentioned in paragraph (b)), securities or other assets held as investments, acquired at a cost of not less than €10,000 on or after 1 January 2014 but on or before 31 December 2018 and which -

(a) is, or is an interest in, an asset used wholly for the purposes of a new business carried on by an individual, or

(b) is a holding of new ordinary shares, issued on or after 1 January 2014, in a qualifying company, of which the individual has control (within the meaning of section 10) and in which the individual is a full-time working director, carrying on new business, other than an asset on the disposal of which no gain accruing would be a chargeable gain;

'full-time working director', in relation to a qualifying company, means a director required to devote substantially the whole of his or her time to the service of the company in a managerial or technical capacity;

'new business' means relevant trading activities carried on by an individual or by a qualifying company that were not previously carried on by that individual or qualifying company or by any person connected (within the meaning of section 10) with that individual or qualifying company;