(1)

(a) Subject to section 848A, where a disposal of an asset is made otherwise than under a bargain at arm's length -

(i) to the State,

(ii) to a charity, or

(iii) to the Chester Beatty Library, the Crawford Art Gallery Cork, the Irish Museum of Modern Art, the National Archives, the National Concert Hall, the National Gallery of Ireland, the National Library of Ireland, the National Museum of Ireland, the Friends of the National Collections of Ireland, the Local Government Computer Services Board, the Local Government Management Services Board, the Affordable Homes Partnership, Irish Water Safety, Limerick Northside Regeneration Agency, Limerick Southside Regeneration Agency, a local authority or a joint body within the meaning of section 2(1) of the Local Government Act 2001 and any university in the State,

section 547 shall not apply but, if the disposal is for no consideration or for a consideration not exceeding the sums which would be allowable as a deduction under sections 552 and 828(4) for the purposes of computing a chargeable gain, then -

(I) the disposal and acquisition shall be treated for the purposes of the Capital Gains Tax Acts as being made for such consideration as to secure that neither a gain nor a loss accrues on the disposal, and