(1) The Principal Act is amended by substituting the following section for section 597A:

"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, where that asset is 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 a qualifying enterprise, or

(b) is a holding of new ordinary shares, issued on or after 1 January 2014 -

(i) in a qualifying company carrying on new business, or

(ii) in a holding company which owns 100 per cent of the ordinary share capital of a qualifying company carrying on new business,

of which an individual claiming relief under this section -

(I) owns not less than 15 per cent of the ordinary share capital of the qualifying company or the holding company, and

(II) is a full-time working director of the qualifying company,

other than an asset on the disposal of which no gain accruing would be a chargeable gain;