(1) Section 549 of the Principal Act is amended -

(a) by substituting the following for subsection (6):

"(6) Where the asset mentioned in subsection (1) is subject to any right or restriction enforceable by the person making the disposal or by a person connected with that person, then that market value shall, where the amount of the consideration for the acquisition is in accordance with subsection (2) deemed to be equal to the market value of the asset, be what its market value would be if not subject to the right or restriction, reduced

(a) by the lesser of -

(i) the market value of the right or restriction, and

(ii) the amount by which its extinction would enhance the value of the asset to its owner, or

(b) by the market value of the right or restriction, where the market value referred to in paragraph (a)(i) and the amount referred to in paragraph (a)(ii) are equal.",

and

(b) by inserting the following after subsection (7):

"(7A)