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Capital Gains Tax
in Cutting Tax
9 replies 241 views
Mum gifted her bungalow to myself and brother in 1997 so we were 'tenants in common'. I lived in another property, but moved into mum's property in 2016 as she needed caring for and she eventually went into a home, but unfortunately died last year. I have sorted out my capital gains tax with reference to my other property as sale was completed recently. I was not liable for CGT at the property I now live in as this is my main home. I will need to complete a TR1 form to take my brother's name off the deeds and will give him half the value of the property to buy him out. However, we are unsure how my brother's CGT should be evaluated - does he just pay CGT for the total money received or is it worked out in a different way as it is payment for his share of the property?