Hi forum, wanting some help:
Me and three associates registered a corporation eight years ago when each contributed R250 by way of members’ contributions.

We further advanced R500 000 each to be credited to individual members’ loan accounts.
The corporation used these funds largely for the purchase of a residential property at a cost of R1,8 million.
This property has since been rented out to an independent third party.
In registering the property into the name of the corporation, transfer duty to the value of R90 000 as well as legal fees (R17 100), payable to the transfer attorney (who is a registered VAT vendor), also became due and payable.
The only movement on our respective loan accounts since inception resulted from amounts of interest charged, but not paid out in cash to the respective loan accounts.

I have now disposed of my member’s interest (including outstanding loan) in the corporation for a lump sum payment of R800 000.
Half of this amount was paid on the signing of the agreement, while the balance will be settled within twelve months.
My loan account, at the date of signing the agreement (in addition to the initial amount advanced), showed an amount of R40 000 for outstanding and unpaid interest of which R25 000 related to previous years of assessment. The current market value of the property is R3,4 million.

Please advise on the normal tax (including capital gains tax) and value-added tax implications that will arise for me?