Capital gains tax and Private Residence relief

When my mum moved house in 2008,she put the house into mine and my brothers names,thereby gifting it to us.She continued to live in the house til her death last year.She did not own any other property.My brother and I do not own other property.Do we qualify for Private Residence Relief as our mother continued to reside there? The property gained in value ( brought 169,000,sold gor 240,000.). ALSO my brother lived in the property for past 5 years.Will this affect CGT (Assuming we do have to pay it)

Hi
I regret that you do not qualify for private residence relief, as the property was not your main residence (you would need to live in the property as your main residence.  
Your brother will be able to claim private residence relief for the period that the property was his main residence. 
Private Residence Relief (Self Assessment helpsheet HS283)

Thank you. Just to clarify,this is still the case ,even though the house was resided in/provided for a dependant relative ie our mother Regards

Hi Minty1000 Andrew,

Please note that Private Residence Relief is only now available in relation to dependant relatives if the following conditions are met:    
· the dwelling-house was acquired before 6 April 1988, and
· at some time since its acquisition and before 6 April 1988 it was occupied as the sole residence of a dependent relative, and
· the other conditions for relief are satisfied.
Where the gain on a disposal qualifies for this transitional relief the following periods will qualify:
· any period before 6 April 1988 in which the dwelling-house was the sole residence of a dependent relative;
· any period after 5 April 1988 in which the dwelling-house was the sole residence of the dependent relative who occupied it on that date;
· the final period of ownership allowed by s223(2) TCGA92, see CG64985+.
A period of occupation as the sole residence of a dependent relative which begins on or after 6 April 1988 does not qualify.
This is illustrated by the example at CG65681. CG65670 - Private residence relief: dependent relative: at 5 April 1988: conditions

Thank you.

Hi, we have a similar scenario, but we created an express trust under which my sisters and I have owned the house in question jointly and under the terms of the trust my parents were allowed to reside their for as long as she is alive. My mother has lived in the house since we bought it in 2007 now wishes to down size to a smaller house. My understanding is that if we sold the house that the trust relates to, then we can use the private residence relief (PRR) since the TCGA1992 Section 225 extends the PRR to gains accruing to trustees on the disposal of settled property. During the period of ownership our ownership as the trustees, the property has been a dwelling house occupied as the only or main residence of a person entitled to occupy it under the terms of the settlement, viz, my mother. HMRC Manual CG65400 specifically seems to cover the availability of PRR to trustees who own land occupied by a beneficiary of the trust. Can you confirm? Thanks.

Hi Gareth Griffiths

Please see guidance at CG65400 - Private residence relief: settled property: introduction
to see if the conditions are met.

Thank you