Capital gain on joint owned property after one owner death

On my father’s death in 2019, my mother put my brother and myself into joint ownership of their property. My mother has now passed and my brother and I are planning to sell the property. What are our CG responsibilities? Do we pay our share on the whole value of the property or just the gain between the purchase and sale?

Hi wilmotx4 Wilmot,
You will have a gain to pay if there has been an increase in price.
You need to have a value at the time the house was put into your names and this is your purchase price (your share).
Please see guidance here:
Report and pay your Capital Gains Tax
Thank you. 

 

There is no information on the HMRC Report and pay your Capital gains Tax page regarding our situation where the house was gifted to us by our mother some 4 years ago. We understand the required payment on her third of ownership in her estate, but what are our liabilities on CG and inheritance?

Hi,
Your gain is usually the difference between what you paid for your asset and what you sold it for. There are some situations where you use the market value instead. 
Capital Gains Tax: what you pay it on, rates and allowances
Inheritance Tax is only due when a person's estate is worth over £325,000 when they die, or if the person who died gave away more than £325,000 in gifts in the 7 years before they died. In this scenario the person in receipt of the gift within those 7 years will be liable to pay inheritance tax. 
Gifts made in the last 7 years use up the £325,000 tax free allowance first, but if the gifts received are less than the £325,000 inheritance tax free allowance, any unused threshold can then be used by the estate of the person who has died. 
If the person who died owned their home (or a share in it) the tax free threshold could be increased to £500,000.
You can find out more information here:
Work out Inheritance Tax due on gifts
Thank you.