Part VI of the Finance Act, 1983, is hereby amended by the insertion after section 110 of the following section -

"110A.

(1) in this section -

'consideration' means the amount of consideration in a sale which is attributable to residential property;

'prior owner', in relation to the sale of an estate or interest in residential property, means a person who, in addition to being the owner of that property, occupied that property immediately prior to the contract for sale;

'the purchaser' has the meaning assigned to it by subsection (2);

'relevant valuation date' means -

(a) where the date of the contract for sale is the 5th day of April in a year, that date, and

(b) in any other case, the 5th day of April immediately preceding the date of the contract for sale;

'sale' includes a transaction whereby more than one estate or interest in a unit of residential property is sold to the same purchaser;

'the specified amount', in relation to the consideration in a sale of an estate or interest in residential property, means the amount of the money consideration in the sale, or, if less, the amount determined by the following formula -

B (1.5 per cent. × A)

where -

A is the difference between the consideration and the general exemption limit on the relevant valuation date, and