10.—(1) A body or person who would otherwise be within the definition of “qualifying lender” in paragraph 1(1)—
(a)may elect not to be regarded as such by giving notice to the Department in writing; and
(b)may revoke any such notice by giving a further notice in writing.
(2) In respect of any financial year, a notice under sub-paragraph (1) which is given not later than 1st February before the start of the financial year takes effect on 1st April following the giving of the notice.
(3) Where a body or person becomes a qualifying lender in the course of a financial year—
(a)any notice of an election by the body or person under sub-paragraph (1)(a) must be given within 6 weeks (“the initial period”) of the date of the body or person becoming a qualifying lender; and
(b)no direct payments may be made under paragraph 3 to the body or person before the expiry of the initial period.
(4) Sub-paragraph (3)(b) does not apply in any case where—
(a)the body or person gives the Department notice in writing that that provision should not apply; and
(b)that notice is given before the start of the initial period or before that period expires.
(5) In relation to a notice under sub-paragraph (1)—
(a)where the notice is given by an electronic communication, it must be given in accordance with the provisions set out in Schedule 1 (electronic communications);
(b)where the notice is sent by post, it is to be treated as having been given on the day the notice was received.