Section 137.

1. The Taxes Consolidation Act 1997 is amended in accordance with the following provisions:

(a) in section 100(2) by substituting the following for paragraph (b):

 "(b) notwithstanding any limitation in section 865(4) on the time within which a claim for a repayment of tax is required to be made -

(i) the vendor may, before the expiration of 4 years after the date on which the reconveyance takes place, claim repayment of any amount by which tax assessed on such vendor by virtue of this section exceeded the amount which would have been so assessed if that date had been treated for the purposes of this section as the date fixed by the terms of the sale, and

(ii) section 865(6) shall not prevent the Revenue Commissioners from repaying such an amount of tax where a timely claim has been made under this subsection and such a claim is a valid claim within the meaning of section 865(1) (b).";

(b) in section 101 by inserting "(notwithstanding any limitation in section 865(4) on the time within which a claim for a repayment of tax is required to be made)" after "shall be made by repayment";

(c) in section 438(4) by substituting the following for paragraph (b):