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.

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

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

Do you have an accountant you can talk to?

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.

Oh yes that would make more sense

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