48.—Section 10 of the Act of 1976 is amended by—

(a) the substitution, in subsection (4) (inserted by section 13 of the Act of 1981), of—

(i) “market value” for “rateable valuation”, and

(ii) “€3,000,000” for “£200”,

and

(b) (i) the repeal of paragraphs (a) and (c) of subsection (5), and

(ii) the deletion, in paragraph (b) of subsection (5), of the words “or where such chattels are or immediately before such disposal or removal, were in a family home the rateable valuation of which does not exceed £20”,

(c) the insertion of the following subsection:

“(8) In this section ‘market value’ means, in relation to land, the price that would have been obtained in respect of the unencumbranced fee simple were the land to have been sold on the open market, in the year immediately preceding the bringing of the proceedings concerned, in such manner and subject to such conditions as might reasonably be calculated to have resulted in the vendor obtaining the best price for the land.”.