Association sale

We act for a residents association which is a limited company. It is set up in the common manner with the company owning the freehold of a block of flats and each resident holding a lease from the company and one share in the company which share passes at the time that any resident sells his or her flat.
The building is of some age and requires substantial capital expenditure. The company previously employed two resident porters but for some years managed with only one and the other flat previously occupied by a porter was let on commercial terms. Those tenants have now left and the flat has recently been sold and has generated an amount sufficient to meet the capital expenditure.
One of the residents has contacted us as he is concerned about the tax implications. He appreciates that there will be corporation tax...