Sister buying me out

00ec25

painted wrote: »

Sorry, I dont quite understand. I will owe Capital Gains Tax for the amount I receive now? Not going back to the date my Father died?

where there was an interest in possession trust in vastly simplified terms it is as though your father's share had in fact passed to your mother. She then continues as the life interest. When mother then dies , again vastly simplified, it as as though she is then passing the whole property to you at that point in time, so you inherit it at the date of mother;s death, not the date of father's death.

as such the CGT clock only starts ticking when mother dies. In technical terms the trustees acquire the property at its then market value and you and sister will only become liable to CGT from the date the trustees transfer the legal ownership of the property into your and sister's names.

it very much sounds like either you and/or your sister don't really understand what is going on and the legal implications of what is and has been done. Is there anything else you have missed out? Can't you get the solicitors to sit down and explain things to you & sister .... for example, probate must be obtained! There is a property involved, "you" cannot change the legal ownership without probate having been granted.

getmore4less

does your sister as executor of your dads will understand what is going on?

remember people here are basing things on what you say and you may still be missing significant facts