advice regarding business please.

[OhBrother1]

Have name changed as details quite specific.
Thanks
I have 24% in a family business.
Asset of the business is being sold for 1 million ( only asset is the one property. Business has made no money & been inactive for 15 years)
Am being told by 1 shareholder ( also has 24%) that tax liability is 650k on the 1 million.
Can anyone explain this to me? It doesn't make sense.
Property was purchased many many years ago. I realise there is capital gains to pay.
I've been told corporation tax too?
To be honest I am not sure where to even begin to go for help,
Any suggestions much much appreciated.

[Sunseed]

Do you know how much the property was originally purchased for and when?

[fastdaytears]

That seems much too much for CGT. Has the company ever traded?

Do you have an accountant you can talk to?

[Gotheftosleep]

Personal Tax person here. Do they perhaps mean that £650k of the gain is liable to CGT? As that would be comparable with a purchase price of £350k for example.

[fastdaytears]

Oh yes that would make more sense

[OhBrother1]

Thank you for the advice.
Am going to speak with an accountant
There is something afoot.