Jane Bartlett

Gifting to a Joint Owner (sibling): My brother and I are Joint Owners (no mortgage) of a £380-400K, 1-bed London flat, which we received as a gift from our mother in 2008 (estimated market value then £240K). The flat is currently my main residence, and has been on and off for the last 8 years, and I have been responsible for all outgoings since we acquired the flat. My brother, never having occupied or used the flat for any purpose since owning it, now wishes to gift me the flat (£0 Premium) not least in recognition of me having spent 6+ years caring for my mother during which time I was unable to earn an income and my brother was able to continue with his career. I understand that there would be no Stamp Duty (SDLT) payable, and no Inheritance Tax (unless he died within 7 years of making the gift). What would the CGT liability be? And how would this change if I stopped using the flat as my main residence, and/or sold the flat within 2-3 years of becoming the sole owner? (We are both British, resident in the UK, and UK tax-resident; in our late-50s, no spouse or civil partner, no children)