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JGM
JGM, Solicitor
Category: Law
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Experience:  30 years as a practising solicitor.
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My mother died in 2012, leaving her home to my brother and

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Hi.
My mother died in 2012, leaving her home to my brother and myself.
1.Do we have to pay inheritance tax on the value of the property now or the value when it changed hands in 2012?
2. As this has been been my primary home since my mother died but my brother already had his own home, are either of us liable for capital gains tax since the house has gone up considerably in value since we inherited the house.
Sheila Papali
Customer: replied 3 months ago.
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Customer: replied 3 months ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call.***********
1. Inheritance tax is paid on the date of death value. 2. You will not have to pay capital gains tax as the house is your residence and you will get private residence relief. Your brother will have a capital gains tax liability on his share based on the value as at the date of death to the date of disposal of interest in the property. I hope that helps. Please leave a positive rating so that I am credited for my time.
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