SCHEDULES

SCHEDULE 10Capital to be disregarded

Premises or land

4

1

Premises or land that a person intends to occupy as their home where—

a

the person has acquired the premises or land within the past 6 months but not yet taken up occupation,

b

the person is taking steps to obtain possession and has commenced those steps within the past 6 months, or

c

the person is carrying out essential repairs or alterations required to render the premises or land fit for occupation and these have been commenced within the past 6 months.

2

A person is to be taken to have commenced steps to obtain possession of premises or land on the date that legal advice is first sought or proceedings are commenced, whichever is earlier.