Jokes1 min ago
Capital Gains Tax
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My mother's house is owned by her and my brother and I and this is what is on the lease. My mother wants to go into sheltered housing, sell the house and visit relatives abroad. It has been in all names for approx 9 years and was bought from the proceeds of the sale of my mother's previous house. My brother and I both have our own houses and so technically is not our home, can anyone advise what tax implications there are for us, I'm assuming capital gains tax. The profit from the sale of the house will be approx �120k.
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You shouldn't have to pay tax on a private house. You can split it 3 ways and nobody needs to pay tax. If it was a rented house this would be different but if your mother lived there then there should be no problem. You just need to pay the solicitor and estate agent and now buy a home sellers pack - another expense.
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