A diminishing shared ownership arrangement is an arrangement which meets the following conditions:

a financial institution (‘the first owner’) acquires a beneficial interest in an asset

[in respect of which, it does not matter if the first owner acquires its beneficial interest from the eventual owner, or if the eventual owner (or any other person) also has a beneficial interest in the asset, or if the first owner also has a legal interest in it (ITA 2007, s. 564D(2))];

another person (‘the eventual owner’) also acquires a beneficial interest in the asset;

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