CGT on house after fathers death where mother resided as tenants in common

My father died 2018 when for probate I estimated the house value at that time £140K. The house was held at tenants in common between my father and mother (50/50). In his will there was provision for my mother to remain in the house and it only to be sold when she agreed to this. To note I am a trustee on his will – there are three beneficiaries to his will. My mother resided in the house until 2022 - she then moved into a care home. It is difficult to estimate the value of the house at that time but a smaller neighbouring property sole for £186K in that year. I would personally have estimated the property value then at £200K. There has been a legal dispute on my mother’s finances that resulted in the court appointed Pannel Deputy in the summer of 2022. The Pannel Deputy has been dealing with the sale of the property and a sale value of £210K has just been agreed. My question – will I be liable for capital gains tax on (a third) the value of the house since my father died. i.e. £210K - £140K = £70K gain | £35K of the gain is on the inherited half. My third of the gain then £11.6K . OR £210K - £200K = £10K …. So my capital gains proportion is £1.6K . OR are we not liable for any capital gains tax under these circumstances. Many thanks

Hi,

The gain will be based on the half share and from your figures its the 35k that it will be taxable on and for your share £11.5k. Tax is due on anything over £3000 for 2024 to 2025.

Thank you.