How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask bigduckontax Your Own Question
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 6326
Type Your Tax Question Here...
bigduckontax is online now

We are a CIU Working Men's Club registered under the

Customer Question

Hi,We are a CIU Working Men's Club registered under the industrial and provident societies act.We are considering selling a small peace of our land (part of our car park) to a developer, for around £700000.00Would we have to pay capital gains tax on this? would we be entitled to any relief as all funds will go straight back into the club to make repairs?Look forward to hearing from you.Kind regardsJenny
Submitted: 9 months ago.
Category: Tax
Expert:  bigduckontax replied 9 months ago.

Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.

Provident societies are not subject to the Capital Gains Tax (CGT) regime, all such transactions passing through the society's trading account as a profit or a loss and exposed to Corporation Tax (CT), currently 19%. Conversely any repairs would be allowable against CT.

I do hope that you have found my reply of assistance.