(1) The Principal Act is amended -

(a) in section 76(1)(b) by substituting "referred to in subparagraph (c) of the definition of 'group threshold' in paragraph 1 of Part 1 of Schedule 2" for "of €19,050",

(b) in the definition of "group threshold" in paragraph 1 of Part 1 of Schedule 2 -

(i) in subparagraph (a) by substituting "€244,000" for "€304,775",

(ii) in subparagraph (b) by substituting "€24,400" for "€30,478", and

(iii) in subparagraph (c) by substituting "€12,200" for "€15,239",

and

(c) as if, in the definition of "threshold amount" in paragraph 1 of Part 1 of Schedule 2, the consumer price index number for the year 2009 applied to gifts and inheritances taken in the year 2011.

(2)

(a) Paragraph (a) of subsection (1) applies to gifts and inheritances taken on or after 21 January 2011.

(b) Paragraph (b) of subsection (1) applies to gifts and inheritances taken on or after 8 December 2010.