Whilst a local community sports club doesn't pay any Corporation Tax would it have to pay tax on any gain it makes if it decided to sell for housing development purposes?
Thanks for any help
Related resources
Replies (1)
Please login or register to join the discussion.
It should be exempt...
... by virtue of S.665 CTA 2010, if it's a straight sale and subject to CGT (and of course you intend to use the proceeds for the purposes of providing facilities for or promoting qualifying sports). Problems could arise if you have a "slice of the action" arrangement with the developer and the gain was chargeable to tax as income under S.818 CTA 2010 (Transactions in Land), as none of the CASC exemptions are likely to apply.