Writing down allowance

[Deleted member 179878]

I'm a bookkeeper for a private limited company recently incorporated from sole trade. With regard to calculating corporation tax, I've been told that no writing down allowances are available for fixed assets transferred across from the sole trade to the limited company.
Is this so ?
Where might I find chapter and verse on this aspect please ?
Thanks

 

[Scalloway]

This article may help.

http://www.taxation.co.uk/taxation/Articles/2015/07/14/333370/asset-incorporation

 

[Deleted member 179878]

Hi Scalloway – thanks for pointing me to that article.

I have now looked back to the sole trade books and the assets in question have been fully claimed against Annual Investment Allowance. So as I understand it, as far as the limited company books are concerned, these transferred assets are now valued at nil for tax purposes – rather than WDAs are not available. In my mind WDAs are available but rate times nil = nil - pedantic point I know but I’m a bear of little brain.