Second Property Sale

We have just sold a second property that was gifted to us in 1998 by parents. The parents continued to live in the property rent free until 2023. One parent has died the other is still alive. What is the taxable status of the sale?. Is it capital gains tax or inheritance tax under the ‘Gifting with reservation of benefit’?

Hi,

This would be liable to Capital Gains Tax.

Thank you.