capital gains on 2 seperate main residents jointly owned?

myself and my brother both own 50% of eachothers properties which are our seperate main residents. I live in a house and he lives in a flat, if we were to sell the house which has gained value would we or I or he be required to pay captial gains tax on the sale?

Hi,

Your brother would be liable for CGT if the house was sold and you would be liable if the flat was sold.

Thank you.

Thanks, My brother lived in the house for 4 years as his main residence prior to us purchasing the flat, would CGT be calculated from the time he swapped his main residence rather than original purchase price? How would this be calculated ?

Hi,

The original cost price is still the figure to use when working out any gain. For the period that he lived in the house, he can claim Private Residence Relief to reduce any potential gain. You can see guidance here:

Private Residence Relief (Self Assessment helpsheet HS283)

Thank you.