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s198 election or s266 election?

When a property is sold to a connected party what election, if any, is to be completed?

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I have a client who has claimed capital allowances on embedded plant at their commercial property but they are looking to transfer the property to another company, connected to the current owners, at market value. As they are connected do they need to complete an election under s266 CAA 2001 or would it need to be an election under s198 CAA 2001 or both or neither?

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