The Principal Act is amended by inserting the following section after section 604:

"604A.

(1) In this section-

'EEA Agreement' means the Agreement on the European Economic Area signed at Oporto on 2 May 1992, as adjusted by the Protocol signed in Brussels on 17 March 1993;

'EEA State' means a state which is a contracting party to the EEA Agreement.

(2) This section applies to land or buildings situated in any EEA State (including the State) -

(a) which-

(i) were acquired for a consideration equal to their market value in the period commencing on 7 December 2011 and ending on 31 December 2013, or

(ii) were acquired in the period referred to in subparagraph (i) from a relative (within the meaning of section 10) and the consideration was not less than 75 per cent of their market value at the date they were acquired,

and

(b) which continue in the ownership of the person who acquired that land or those buildings for a period of at least 7 years from the date they were acquired.

(3) On a disposal of land or buildings to which this section applies, such portion of the gain shall not be a chargeable gain as represents the same proportion of the gain as 7 years bears to the period of ownership of such land or buildings.