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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 7319
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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My non-commercial organisation is about to sell a premises

Customer Question

My non-commercial organisation is about to sell a premises which we have owned for 50 years. It was gifted to us at a nominal value of about £4000 and may make £250000 today.
What would be our approx tax due?
Submitted: 1 year ago.
Category: Tax
Expert:  Sam replied 1 year ago.

HI

Thanks for for your question - I am Sam and I am one of the UK tax experts here on Just Answer.

Can you expand on what you mean by non commercial and also note that a 1982 valuation would be needed (due to rebasing) to establish the capital gains - so any idea what the value would have been at 31/03/1982?

Are you a limited company or charity or sole trader/partnership?

What has the property been sued for ?

Thanks

Sam

Customer: replied 1 year ago.
We are a political party branch and wishing to sell our offices which were gifted to us in 1967. I have no idea what a 1982 valuation would hav e been. A guess would £50000.
Expert:  Nicola-mod replied 1 year ago.
Hello,
It seems the professional has left this conversation. This happens occasionally, and it's usually because the professional thinks that someone else might be a better match for your question. I've been working hard to find a new professional to assist you with your question, but sometimes finding the right professional can take a little longer than expected.
I wonder whether you're OK with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola
Customer: replied 1 year ago.
Please continue to find someone who can give me just an approximate answer i.e what the tax rates are and the worst case.
David
Expert:  Nicola-mod replied 1 year ago.
Hello,
We will continue to look for a Professional to assist you.
Thank you for your patience,
Nicola
Expert:  Nicola-mod replied 1 year ago.
Hello,
I apologise as we have not yet been able to find a Professional to assist you. Do you wish for me to continue to search for someone to assist you or would you like for us to close your question at this time?
Thank you for your patience,
Nicola
Customer: replied 1 year ago.
no - just cancel the request please