Transferring beneficial interest to a new property - Any liability to CGT and SDLT?

My dad died several years ago. He and my mum owned their property - where mum still lives - as Tenants in Common. My dad left his 50% share of the house to me and my three siblings in his will; my mum has a Life Interest in the house which means she can live in it as long as she wishes. I understand that dad's will means that I and my three siblings have "a beneficial interest" in the property. My mum now wishes to sell the property and move to a new property. Let's assume the current property is worth £100k so that mum's share of the sale proceeds is £50k and the siblings' share is also £50k. We siblings do not wish to "liquidate" our inheritance i,e. our £50k share of the proceeds at the present time. Instead, we wish the full £100k to be used to purchase the new property. Each of the siblings already owns a property, We do not want to become joint owners of the new property as we understand that we may thereby become liable for Capital Gains Tax or "second property" Stamp Duty. In effect we want to maintain the status quo, the only difference being that mum is moving house. To clarify, we would like mum to be registered as the sole owner and for us to transfer our "underlying" beneficial interest to the new property. We only wish to realise our inheritance from dad (and mum) when the new property is sold upon mum's death. Am I correct in thinking that the above process will mean the siblings are not liable for any CGT, SDLT or any other tax? Am I also right in thinking that the proceeds from the eventual sale of the new property, whenever that is, will still be classed as an inheritance and, therefore we, as beneficiaries, will not be subject to tax on this? I POSTED THE ABOVE QUERY ON THE LAND REGISTRY FORUM. THEY REPLIED THAT: "If the property is sold and a new one bought in Mum's sole name she will be the sole legal owner. We don't register beneficial ownerships but they can be protected... by registering a form A restriction." They referred me to HMRC for the CGT and SDLT questions. Many thanks.

Hi YWithers,
You and your siblings may each have a Capital Gains Tax liability arising on the disposal of your 50% share of the property.
You and your siblings can use the calculator here:
Tax when you sell property
Your mother will be able to claim private residence relief on her 50% share, so is unlikely to be liable to Capital Gains Tax.
While there are no tax implications from you and your siblings, giving or receiving a cash gift, you and your siblings, may have Inheritance Tax implications, if you die within 7 years of giving the cash gift.
You may wish to speak to Inheritance Tax regarding any Inheritance Tax implications
Rules on giving gifts
And
Inheritance Tax: general enquiries
You may also want to review the guidance here:
How Inheritance Tax works: thresholds, rules and allowances
There may be SDLT payable on the acquisition of a property, in yours and your siblings names, but this can be used to reduce any capital gain arising from a disposal of the property.
Thank you. 

Thank you for the information. I must admit to being a little confused. To clarify, when you say that the siblings may each have a CGT liability on the disposal of the 50% share of the property, would this be when the NEW property is eventually disposed of on mum's death or when the CURRENT property is sold to purchase the new property? I was under the impression that a beneficiary does not pay any tax on an inheritance. As we have inherited dad's half of the current property already (even if we have not "realised" this inheritance in monetary terms) and will, in the future, go on to inherit mum's share of the new property, why are we liable to any tax at either property at all? When you say that there may be IHT implications if the siblings die "within 7 years of giving the cash gift", to what cash gift are you referring? I am not aware that we are giving anyone a cash gift : our objective is to maintain our current status as beneficial owners in mum's home, with mum as the sole legal owner; the only difference is that mum is moving from one property to another. Mum is/will be the sole legal owner of both the current and new properties; the siblings will be beneficial owners of both the current and new properties. Similarly, we are not intending to acquire a property in the siblings' names. As stated above, mum will be the sole legal owner of the new property. Please can you confirm, therefore, that your reference to possible SDLT "on the acquisition of a property, in yours and your siblings names" does not apply. Many thanks.

Also (for the purposes of any CGT calculation), as beneficial owners via inheritance with mum retaining a Life Interest, when are the siblings deemed to have acquired the property - the date of dad's death? When probate was granted? The date the current property is sold? Or some other date? Many thanks.

Hi Boz Withers,
As you and your siblings are benefical owners of 50% of the property, when this is sold you will still be liable to capital gains should your share exceed £6000 (for 23/24). this is not the same as inheritance tax. to work out any gain you would take the value of your share at the date your father passed away - as you state probate was granted there is likley to be a value attached at that time - as your cost price and your disposal would be your share of what the property sold for minus any costs. whilst your mother is then still the legal owner of the new property, you are still a beneficial owner and capital gains would be due again when that was sold.  
For stamp duty please refer toStamp Duty Land Tax.
Thank you.

Thank you for your reply. I have an update on the situation from my solicitor. In case this has a bearing on CGT liabilities, please note that he has confirmed the following: A Will Trust was created in Dad's Will; The NEW property will remain 50% mum's, 50% on trust for the siblings in accordance with Dad's Will, A “Form A” restriction will automatically go on the Title of the new property; Mum will be treated as the beneficiary for the purpose of Stamp Duty Land Tax, so that there should be no additional SDLT to pay when she moves from one house to another (as she will only own one property at any one time). Your last reply states that the siblings will have a CGT liability on BOTH the sale of the CURRENT property AND the sale of the NEW property (when the time comes). Please confirm that your reply is unaffected by my solicitor's advice. Thank you, Also, the issue of Inheritance Tax was raised by yourselves, I did not mention IHT in my initial query. Please can you clarify why Inheritance Tax and "gifts" has a relevance to this situation (please see my second posting above.) Many thanks.

Hi Boz Withers
As you and your siblings are benefical owners of 50% of the property, when this is sold you will still be liable to capital gains should your share exceed £6000 (for 23/24).  The additional information provided by the solicitor will not change the capital gains liability that may arise on the disposal of the property.  My colleague mentioned inheritance tax for information only.  Your mother's share of the property will count towards her estate, which may have inheritance tax implications.
Thank you.

Thank you. I am afraid I have another update from the Solicitors. They have advised that the Siblings need to complete a Declaration of Trust: "Your father created a life interest trust in his Will which allows your mother to reside at the property during her lifetime. The trust can be transferred to the new property and the declaration of trust will be registered at the Land Registry. The declaration of trust is simply a document that records the ownership of a property. Your mother will be shown to own a 50% share whilst you and your siblings share will be reflected in accordance with the Will trust. " Furthermore they have advised that it is NOT possible for mum to be the sole named owner to the title of the new property as mum is only going to own one half, with the siblings owning the other half. "This will not affect anyone’s rights to the property – which will remain 50% your mother, 50% on trust in accordance with your father’s Will, but it will help protect the property against (for example) fraudulent sale or fraudulent remortgage," The Solicitors have therefore asked for 3 of the Siblings to be named as "trustees on the title" alongside mum. Does this new information have any bearing on the calculation of CGT liabilities EITHER on the Sale of the CURRENT property OR on the Sale of the NEW Property or BOTH? If so, can you point me to the relevant information as well as the relevant tax return forms. Very many thanks, This does not affect your mother's rights to reside at the property as she still has a life interest as per the trust.

Thank you. I am afraid I have another update from the Solicitors. They have advised that the Siblings need to complete a Declaration of Trust: "Your father created a life interest trust in his Will which allows your mother to reside at the property during her lifetime. The trust can be transferred to the new property and the declaration of trust will be registered at the Land Registry. The declaration of trust is simply a document that records the ownership of a property. Your mother will be shown to own a 50% share whilst you and your siblings share will be reflected in accordance with the Will trust. " Furthermore they have advised that it is NOT possible for mum to be the sole named owner to the title of the new property as mum is only going to own one half, with the siblings owning the other half. "This will not affect anyone’s rights to the property – which will remain 50% your mother, 50% on trust in accordance with your father’s Will, but it will help protect the property against (for example) fraudulent sale or fraudulent remortgage," The Solicitors have therefore asked for 3 of the Siblings to be named as "trustees on the title" alongside mum. Does this new information have any bearing on the calculation of CGT liabilities EITHER on the Sale of the CURRENT property OR on the Sale of the NEW Property or BOTH? If so, can you point me to the relevant information as well as the relevant tax return forms. Very many thanks, This does not affect your mother's rights to reside at the property as she still has a life interest as per the trust.

Hi Boz Withers,
This would only affect any potential CGT due if you are assigning the beneficial interest of your share to your mother from the first property. if/when the 2nd property os sold due to your mother passing away, CGT will be due then.
Thank you.