Ours is a club that is treated by HRMC as a members club which generates a surplus not a profit and thus pays no tax on income.
We have fallen on hard times, large debts, club buildings becoming unsafe due to lack of repairs & money.
We have sold part of the club, I.E. the stewards quarters, cellars and store room to developers and also had to demolish approx 1/4 of the club plus toilets to allow developers to build on the land.
Money received approx 600k. Paying of our debts, rebuilding the toilets and cellars ect and repairs to building approx 500k.
We believed that corporation/capital gains tax will be due on the surplus, I.E. 100k, but tax man wants it on the 600k (less taxable allowances)
Who is right? Is there a way to reduce tax bill? as if we don't they Club will most probably fail.
Thanks.
OG
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