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09 December 2024
Help!
An unincorporated club is making a distribution mainly from the proceeds of selling a property on which the club will pay corporation tax on its capital gain. The full circumstances are shown below in my original question (Q 20 360):
‘Are the members of an unincorporated club taxable when the club distributes unwanted funds to the members in accordance with the club constitution which caters for such a distribution pro-rata to years of membership?
- No member has paid an initial contribution.
- Members pay an annual subscription.
- There is a surplus from mutual trading but much of the distribution will be from the sale of the club premises.
- The club will be liable for CT on the gain.
The premises were used by the members except that there was a flat above with shared access rented to tenants. The club has paid CT on the net rental income.
Would...
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