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bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4800
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My mother gave my brother and I her house (she contiued to

Customer Question

my mother gave my brother and I her house (she contiued to live alone in it) about 12 years back to avoid avoid the council takin g it to fund any care home fees. she has now died (at 100!) and we shall sell it. my half share will be around £40 k.
Qu. what tax burden am I faced with. I am a pensioer of 75.
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to assist you with your question. Did you ever occupy this house as your sole of main domestic residence and if so when? Once I have this information I can advise you further. Working on the assumptions that the 40K is your share of the gain made on the disposal, that it was not your sole or main domestic residence and that your mother paid no rent to the pair of you then your Capital Gains Tax liability would be 40K - 11.1K [Annual Exempt Amount] = 28.4K taxed at 18% or 28% or a combination of the two rates depending on your income including the gain in the tax year of sale; worst case scenario is a tax bill of some 8K. I do hope that my reply has been of assistance.