52.—Section 38 of the Act of 1996 is amended by—

(a) the substitution in subsection (2) of—

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

(ii) “€3,000,000” for “£200”,

(b) the repeal of subsection (4), and

(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.”.