The Principal Act is amended, with effect from 10 October 2018, by substituting the following for Chapter 2 of Part 20:

"Chapter 2 Provisions relating to exit tax, etc.

627. Charge to exit tax

(1)

(a) In this section and in sections 628 and 629:

'designated area', 'exploration or exploitation activities' and 'exploration or exploitation rights' have the same meanings respectively as in section 13;

'Directive' means Council Directive (EU) 2016/1164 of 12 July 2016[OJ No. L193, 19.7.2016, p.1] laying down rules against tax avoidance practices that directly affect the functioning of the internal market;

'exploration or exploitation assets' means assets used or intended for use in connection with exploration or exploitation activities carried on in the State or in a designated area;

'market value' means the amount for which an asset can be exchanged or mutual obligations can be settled between unconnected willing buyers and sellers in a direct transaction;

'relevant event' means one of the events referred to in subsection (2);

'tax' means corporation tax or capital gains tax chargeable by virtue of subsection (2);

'the new assets' and 'the old assets' have the meanings respectively assigned to them by section 597;