Section 1094 of the Taxes Consolidation Act, 1997, is hereby amended by -

(a) in subsection (1) -

(i) in the definition of "licence" by the substitution for paragraphs (h) and (i) of the following:

"(h) section 101 of the Finance Act, 1999;",

and

(ii) by the insertion after the definition of "licence" of the following definition -

"'market value’, in relation to any property, means the price which such property might reasonably be expected to fetch on a sale in the open market on the date on which the property is to be valued;",

and

(b) by the insertion after subsection (3) of the following subsection:

"(3A) Where -

(a) the first-mentioned person will be the beneficial holder of a licence due to commence on a specified date on foot of a certificate granted or to be granted under section 2(1) (as amended by section 23 of the Intoxicating Liquor Act, 1960) of the Licensing (Ireland) Act, 1902,

(b) the second-mentioned person was the beneficial holder of the last licence issued prior to the specified date in respect of the premises for which the certificate referred to in paragraph (a) was granted, and