(1) This section shall apply to -

(a) a building or structure to which section 352 applies by virtue of the building or structure being a holiday cottage of the type referred to in section 268(3), and

(b) a building or structure which is a qualifying premises within the meaning of section 353 by virtue of the building or structure being -

(i) a holiday apartment registered under Part III of the Tourist Traffic Act, 1939, or

(ii) other self-catering accommodation specified in a list published under section 9 of the Tourist Traffic Act, 1957.

(2)

(a) Subject to subsection (5), a building or structure to which this section applies shall not be a qualifying premises for the purposes of section 354 unless the person to whom an allowance under Chapter 1 of Part 9 would but for subsection (3) be made for the purposes of income tax or corporation tax, as the case may be, in respect of the capital expenditure incurred in the qualifying period on the construction or refurbishment of the building or structure elects by notice in writing to the appropriate inspector (within the meaning of section 950) to disclaim all allowances under that Chapter in respect of that capital expenditure.