CGT for Transfer of equity and property sale

My two siblings and I inherited a property in 2012, that was rented out up till 2020. I eventually moved into the property in July 2023 after the pandemic and renovations were completed. In discussion with my siblings, we’re thinking of selling the family home but before we do that, one of my siblings wants to transfer his 33% share to help me and my other brother financially from the sale of the house. The brother that wants to give his 33% is an Australian Citizen since 2012, he migrated to Australia in 2008 and resides there. Two questions: 1. How soon after the transfer of equity (ownership) of can the property be put up for sale? 2. Will my brother who resides in Australia have to pay any capital gain tax? If so which will it have to be here in the UK, Australia or both?

Hi,
The house can be put up for sale once the legalites of the legal owenership have been completed.
With regards to CGT, your brother will still be liable on the transfer of his share even if the house is not sold as this is not his main home.
He will be liable in the UK as its a UK property but may also be liable in Australia and he should check himself with the Australian tax authorities.
More guidnace is at Report and pay your Capital Gains Tax
Thank you.