Section 473 of the Principal Act is amended as respects the year of assessment 2005 and subsequent years of assessment, by the substitution in subsection (1) of the following definition for the definition of "specified limit" (inserted by the Finance Act 2001):

"'specified limit', in relation to an individual for a year of assessment, means -

(a) in the case of -

(i) a married person assessed to tax in accordance with section 1017, or

(ii) a widowed person,

€3,000; but, if at any time during the year of assessment the individual was of the age of 55 years or over, 'specified limit' means €6,000, and

(b) in any other case, €1,500; but, if at any time during the year of assessment the individual was of the age of 55 years or over, 'specified limit' means €3,000;".