BLM24010 | Defining long funding leases: election: who can make an election? (SI2007/304 regulations 2 and 3)

An election may be made only by lessors of plant or machinery.

The term ‘lessor’ is defined in CAA01/S70YI and may be a company, individual or partnership. The term does not include a group of companies. Therefore it is possible for one or more companies in a group to make an election while others do not. An election made by one group company does not apply to other companies in the group.

The term ‘plant or machinery’ (regulation 3, condition A) is not defined but takes the same meaning as in Part 2 of CAA 2001.