Capital gains

booksurr

lew3vans wrote: »

I did neglect to mention in my original post that there was no written will from the last parent, and as such they are going about proceedings that way.

So it might be worth her getting in touch with a legal representative as well as a decent accountant then to ensure she hates her facts straight.

I'm hoping against hope that she doesn't have to pay, as it will be a ridiculous CGT bill seeing as the property was bought for something like £35k and is now worth £310k and other siblings would benefit from the sale also. I'm sure they're all scetrly glaring at her for costing everybody money.

What do you think would be the best move from here?

Thanks again
Lewis

take professional advice!
as she did live in it she has lost the ability to claim no beneficial ownership and therefore she is exposed to CGT.

Silvercar's post above gives an indication of what that means in monetary terms but the fact you are facing 1 and possibly 2 intestacy inheritances means you need proper advice on how to work it out correctly.

Meantime your "compliant" that she faces a tax bill is somewhat thin. Did she pay any of the mortgage? Did her parents gift the share to her for free? Why therefore should she not face a tax bill on the massive capital growth she is about to cash in