Withdrawl of election
I have a client who was a sole trade.
The business was transferred to a limited company on 1 November 2009
An election under S266 CA2001 was made to transfer the fixed assets at a value that does not give rise to a balancing allowance / charge for capital allowances
The capital allowances claim is subject to enquiry and it would now appear that it would be beneficial to withdraw the election
Is this possible ?