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CAA 2001 S266 election/Cash basis

CAA 2001 S266 election - sole trader on cash basis transferring to limited company

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Hi all,

I hope someone out there can help with something that has been troubling me.

I have a sole trader client using the cash basis whom is transfering plant & machinary to their newly formed limited company (ie incorporating thier business).  

Can anyone confirm if a CAA 2001 s266 election is valid considering the client as a sole trader was using the cash basis.

While i dont believe relevant because capital allowances have not been claimed on the P&M (and included as a business expense instead) i was hoping for opinion within the group.  

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