(1) Part 16 of the Principal Act is amended -
(a) in section 488(1) -
(i) in paragraph (d) of the definition of "relevant period" by substituting "one year" for "2 years" in both places where it occurs, and
(ii) in the definition of "unquoted company" by substituting "Irish Enterprise Exchange" for "Developing Companies Market" in each place where it occurs,
(b) in section 489 -
(i) by inserting the following after subsection (4B) (inserted by the Finance Act 2004):
"(4C) Notwithstanding any other provision of this section, where -
(i) in accordance with section 508 relief is due in respect of an amount subscribed as nominee for a qualifying individual by the managers of a designated fund,
(ii) the amount so subscribed was subscribed to the designated fund in the period beginning on 1 January 2007 and ending on 31 January 2007, and
(iii) the eligible shares in respect of which the amount is subscribed by the managers of the designated fund are issued on or before 31 December 2007,
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