11Purchase or ownership of land or dwelling

11 Purchase or ownership of land or dwelling

(1) A reference in this Act to purchase, or to ownership, in relation to land or an undivided share in land, shall be read as a reference to purchase or ownership, as the case may be, otherwise than as trustee, of an approved interest in the land or in the undivided share, as the case may be. (2) A reference in this Act to purchase, or to ownership, in relation to a dwelling, shall be read as a reference to purchase or ownership, as the case may be, otherwise than as trustee, of: (a) whether or not the dwelling is a dwelling of a kind referred to in paragraph (b)—the land on which the dwelling is, or is to be, erected; or (b) where the dwelling is, or is to be, a part of a building or is, or is to be, one of 2 or more buildings erected on a single parcel of land: (i) an approved interest in the dwelling in pursuance of a law of a State or internal Territory that enables the holding or enjoyment by different persons of proprietary rights in respect of different parts of that building or of different buildings erected on that parcel of land, as the case may be; (ii) shares in the capital of a company that is the owner of the land on which the dwelling is, or is to be, erected, being shares that entitle the holder to a right of occupancy (whether under a lease or otherwise) in respect of the dwelling; or (iii) an undivided share in the land on which the dwelling is, or is to be, erected, where the owner of that share is, or is to be, entitled to a right of occupancy in respect of the dwelling. (3) For the purposes of this section: (a) the purchase or ownership of an approved interest in land or in a dwelling by a person or persons (in this subsection referred to as the relevant person or relevant persons) jointly with another person or other persons; or (b) the purchase or ownership of an undivided share in an approved interest in land or in a dwelling by a person or persons (in this subsection also referred to as the relevant person or relevant persons); being land or a dwelling in respect of which the relevant person is, or the relevant persons are, entitled to an exclusive right of occupancy, shall, if the Secretary in his discretion so determines, be treated as if it were the purchase or ownership, as the case may be, of that approved interest in the land or dwelling by the relevant person or relevant persons, as the case may be. (4) For the purposes of this section, the purchase or ownership of shares in the capital of a company by a person or persons (in this subsection referred to as the relevant person or relevant persons) jointly with another person or other persons, being shares that, together with an agreement between the relevant person or relevant persons and that other person or those other persons, entitle the relevant person or relevant persons to an exclusive right of occupancy in respect of a dwelling, shall, if the Secretary in his discretion so determines, be treated as if it were the purchase or ownership, as the case may be, of those shares by the relevant person or relevant persons, as the case may be.