Deed of Variation on a Will - Inheritance Tax

Malcmandy

In order to help with IHTax my brother and I were made joint owners of my parents home with my mother on my father's death. His will was changed by the Deed to encompass this. Probate has recently been granted.
So now my mother owns half and my brother and I a quarter each .On her death, her share will be divided equally. No IHT was payable. My mother continues to live in the house and it would not be sold until her death or invalidity. (Discretionary trust applies.)

1. As I already own half my own home what CGT will I be liable for on the sale of the above, is there a time limit ?

2. Could I do anything with my quarter in order to limit CGT when my parents house is sold ? ie involve spouse, children etc.

Thanx

Malcmandy

Thanx Jimmo. I do not have all the info. as the solicitor has yet to pass it on. My mother continues in the house by 'borrowing from the Trust'- whatever that means ! However, I really wanted to know if the rule ( 2 years ?)that you can nominate which is your main property applies here, and also if I am able to transfer any portion of my share into other names ?

Malcmandy

Thanx once again.