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Hello, I am Keith, one of experts on Just Answer, and pleased to be able to help you with your question.
It is perhaps slightly easier than you might think. The Government at the time decided that overseas owners of landed property should be brought into the Capital Gains tax (CGT) regime so it was enacted that such persons would be liable to the tax on any gain made from an April 2015 valuation. As far as you are concerned, providing that the property is your sole or main domestic residence, Private Residence Relief (PRR) will apply which relieves CGT at 100%.
Have I resolved your conundrum? I hope so.
No, it will be split. Your gain will be subject to normal CGT process and calculated from the original purchase price. Your Mother's gain will be computed from an April 2015 valuation. There is a non cumulative Annual Exempt Amount (AEA), currently 11.3K, to offset these gains. You liability will be at 18% or 28% or a combination of the two rates depending on your income, including the gain, in the tax year of disposal. You share of the gain is 117K so a worst case scenario is a tax bill of say a tad under 30K. For your Mother's liability I cannot quote without a 2015 valuation.
Well not quite as at the date of gift you will be liable to CGT on the disposal of your share. However, overall there may well be a saving involved. The gift will also create a Potentially Exempt Transfer (PET) in your Inheritance Tax (IHT) affairs. PETs run off at a taper over seven years and in the event of your decease within that period are added back to your estate for IHT purposes. PETs are the first to suffer IHT and if your estate is insufficient to meet the tax on the PET the liability cascades down to the beneficiary for immediate payment. IHT does not kick in until assets exceed 325K and is at 40% flat rate.
If she did, of course, then a proportion of PRR would apply relieving CGT. As you said you should have sold it years ago, but then property generally accumulates value rather faster than money these days. Always bear in mind Benjamin Franklin's dictum that in life there are but two certainties, death and taxes!