(1) Section 547 of the Principal Act is hereby amended by the insertion of the following subsection after subsection (1):
(a) Notwithstanding subsection (1), where, by virtue of section 31 of the State Property Act, 1954, the Minister for Finance waives, in favour of a person, the right of the State to property, the person's acquisition of the property shall for the purposes of the Capital Gains Tax Acts be deemed to be for a consideration equal to the amount (including a nil amount) of the payment of money made by the person as one of the terms of that waiver.".
(2) This section shall apply as respects the acquisition of an asset on or after the 12th day of February, 1998.