13Acquiring interests in residential land jointly

13 Acquiring interests in residential land jointly

(1) The amount of a fee that is payable by an individual under item 2 of the table in subsection 7(1) of the Act, for giving a notice of a notifiable action under section 81 of the Foreign Acquisitions Act, is nil if: (a) the notice relates to an acquisition of an interest in residential land; and (b) the interest is acquired, or is to be acquired, by the individual as a joint tenant with one or more other individuals; and (c) the interest is acquired, or is to be acquired, under a single agreement; and (d) a fee is paid by one of the other individuals in relation to that individual’s acquisition of the interest in the land. (2) To avoid doubt, subsection (1) does not affect the amount of consideration that is taken into account in working out the fee mentioned in paragraph (1)(d).