(1) Section 127 of the Finance Act, 1994, is hereby amended by the substitution of the following paragraph for paragraph (c) of subsection (1):
"(c) unquoted shares in or securities of a company incorporated in the State which is, on the valuation date (after the taking of the gift or inheritance), a company controlled by the donee or successor within the meaning of section 16 of the Principal Act;".
(2) This section shall have effect in relation to gifts or inheritances taken on or after the 28th day of March, 1996.