Section 4 of the Principal Act is amended by the insertion of the following subsection after subsection (3) -
(a) Where a person having an interest in immovable goods to which this section applies surrenders possession of those goods or of any part of them by means of a disposal of that interest or of an interest which derives from that interest, and where the value of the interest being disposed of is less than its economic value then for the purposes of this Act such disposal -
(i) shall be deemed not to be a supply of immovable goods for the purposes of subsection (2), but
(ii) shall be deemed to be a letting of immovable goods to which paragraph (iv) of the First Schedule applies.
(b) This subsection does not apply to the disposal of a freehold interest.
(c) Where a person establishes to the satisfaction of the Revenue Commissioners that the value of an interest in immovable goods being disposed of by such person is less than the economic value of those immovable goods b