Your assistance would be appreciated if possible.
I have an unincorporated, members only, social club (not CASC) which is set to close following the aceptance of an offer to buy the land and premises.
The social club is a mutual trading organisation to which the members pay an annual subscription. The social club receives rental income which is the only income subject to Corporation Tax.
The disposal of the land will produce a substantial Capital Gain on which, presumably, Corporation Tax will be payable. Thereafter, the funds will be distributed to the members in varying amounts depending on how long they have been members. The maximum amount a member will receive will be £9,000 and the minimum £2,000.
My question is how will the distributions (assuming that thre is no mutual trading surplus included) be taxed in the hands of the members.
Many thanks in advance.
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