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Our mum gave it to us in 2003, and all our names or on the deeds, I am not sure of the value of property, when it was signed over to us
yes, until she passed away in 2009, at present its been rented out for over a year now, but I would like now to buy out my siblings. I am in the process of having the house valued, in order to pay off my siblings
there are no inheritance tax to pay, all sorted after my mum passed away
if and when I do buy out my siblings, and I am ready to sell in a few years time, will I then be liable for capital gains tax
You may have CGT to if you sell the property for a profit in the future. How much will depend on the tax rules in place at the time and whether you occupy it as your main home. Take a look at HS283 for information on the main residence and CGT. As I said, the rules may be different in the future.
I am unable to grasp the figures you quoted, but say for example we all end up with the figure that you quoted earlier, does this mean the first 11000.00 is tax free, and the rest will be taxed at 18 or 28, how do I know what bracket my siblings will be in,
if I think of any other questions am I able to come back tomorrow and asked further questions?
thank you, ***** ***** been a great help, excellent service