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Hi.If you executed a deed of variation in favour of your sister so that the property was wholly owned by her, so long as it was sold by 5 April 2015, there would be no UK Capital Gains Tax for her to pay. She may, however, have to pay tax in the country that she is living in.If your intention is to have your sister then split the disposal proceeds with you and your brother and HMRC find out (I'm not sure how they would but it is possible) they will almost certainly take a dim view, accuse you of aggressive tax avoidance and assess you and your brother to CGT as if the deed of variation never existed.I hope this helps but let me know if you have any further questions.
If she bought it from us at the probate value would this avoid that problem?