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My mother died in October 2013. Her house had been transferred to my brother and myself approximately 10 years ago. There was a trust set up allowing my mother to live in the house until she died or until she no longer wished to live there. Subsequently after her death, my brother wished to buy my share. The property was duly transferred to him on receipt of half its value. As I do not own any other property and am going to put proceeds in to a property that I will then jointly own, is there any capital gains tax liability on the proceeds from my mothers house? There is no inheritance tax liability and because of the amount of her estate, probate was not required. My brother and I werer trustees, executors and joint beneficiaries to the will
Thank you. The property was valued immediately after my mothers death, therefore, it was the current valuation at that time.
I assume then from your answer, I am not liable to capital gains tax.