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Withdrawl of election

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 ?


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14th Jun 2012 14:52

Out of time?

Hi - Even though there's no specific section I can see that provides for withdrawal, I'd normally say you could withdraw but I think you'd have to do it within the 2 year limit, so you may have missed the boat.

In such cases I do it anyway and see what happens!

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