Any election under these sections must be made within two years from the date on which the purchaser acquires the qualifying interest (election under CAA 2001, s. 198) or on which the lessee is granted the lease (election under CAA 2001, s. 199).

The time limit is extended in a case where an application has been made to the Tribunal in accordance with CAA 2001, s. 187A (fixed value requirement) (see ¶245-310) and has not been determined or withdrawn.

The notice must include:

the amount fixed by the election;

the name of each of the persons making the election;

information sufficient to identify both the plant or machinery and the relevant land;

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