(1) Section 664 of the Principal Act is amended -

(a) in subsection (1)(a) in the definition of "the specified amount" -

(i) in subparagraph (ii)(V)(B) by deleting "or" where it last occurs, and

(ii) by substituting the following for subparagraph (ii)(VI):

"(VI) in the period beginning on 1 January 2004 and ending on 31 December 2005 -

(A) €10,000, in a case where the qualifying lease or qualifying leases is or are for a definite term of 7 years or more, and

(B) €7,500, in any other case,

or

(VII) on or after 1 January 2006 -

(A) €15,000, in a case where the qualifying lease or qualifying leases is or are for a definite term of 7 years or more, and

(B) €12,000, in any other case,",

(b) in subsection (1)(b) by substituting the following for subparagraph (iv):