53.—(1) Section 90 of the Act of 2000 is amended, in subsection (5), by—

(a) the substitution of—

(i) “market value” for “rateable valuation” in each place that it occurs, and

(ii) “€3,000,000” for “£200” in each place that it occurs,

and

(b) the insertion of the following paragraph:

“(d) In this subsection ‘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.”.

(2) Section 160 of the Act of 2000 is amended, in subsection (5), by—

(a) the substitution of—

(i) “market value” for “rateable valuation” in each place that it occurs, and

(ii) “€3,000,000” for “£200” in each place that it occurs,

and

(b) the insertion of the following paragraph:

“(e) In this subsection ‘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.”.

(3) In this section “Act of 2000” means the Planning and Development Act 2000.