(1) Where a person makes a disposal, before 4 December 2002, an interest in property situate in the State (in this section referred to as "the original assets") to an authority possessing compulsory purchase powers and claims and proves to the satisfaction of the Revenue Commissioners that -
(a) the disposal would not have been made but for -
(i) the exercise of those powers, or
(ii) the giving by the authority of formal notice of its intention to exercise those powers,
(b) the whole of the consideration for the disposal and no more is applied in acquiring other property situate in the State or an interest in such other property (in this section referred to as "the replacement assets"), and
(c) subject to subsection (4A), the original assets and the replacement assets are within one, and the same one, of the classes of assets specified in subsection (5),
then, for the purposes of the Capital Gains Tax Acts, the disposal shall not be treated as involving any disposal of the original ass
…