CGT on second home/inherited shares

Ali71

Hello good people,
Just got probate for my father, and am now having to arrange his half of the property to be transferred to my name and his share portfolio. I am already on the deeds as tenant in common  (from when my mother passed). Am getting confused over CGT. Am I right in thinking that I don't have to pay any CGT on the shares as long as I just transfer them to me and don't sell any? I was going to move in to his house (half mine!) and rent mine out, but there seems to be a minefield to taxes and rules about that, a lot of people do it, so it can't be THAT hard you would think, but everything I am reading about it is very confusing. The only other option is stay put and put his on the market once it has been transferred fully to me. Then I would have to pay CGT on the increase between my mothers half and my fathers from the date of their passing to date of sale I guess. Or move in and then sell mine of course. Also, I know that the share dividends are taxed at 7.5% over the £2000 allowance for the year, can I just submit a total of the dividends to HMRC and pay whatever the charge is going to be once a year? I don't really want to have them adjusting my tax code all the time as they have a habit of making mistakes with it and it just causes a lot of grief when you can't talk to them over the phone, and frankly, after the last couple of years caring for my dying father and trying to then get the probate sorted out and sorting through everything I am not up to it - sorry to sound such a wimp.   Obviously  I will have to speak with a professional - who would you recommend, an accountant or solicitor? (or both!).
Many thanks.     

Jeremy535897

First, read https://www.gov.uk/government/publications/death-personal-representatives-and-legatees-hs282-self-assessment-helpsheet/hs282-death-personal-representatives-and-legatees-2020

That deals with your share portfolio questions, and the base cost to you of your father's half of the house. If you really don't care whether you live in your current home or your parents' home, you should pay no capital gains tax on the sale of your main residence, so long as it remains your main residence (at least up to 9 months before you sell). If you use both houses as your residence before you sell, you can elect which of them you wish to treat as your main residence (from the date of your father's death), so long as you elect within two years of your father's death.

Your question on dividends is not answerable without knowing the scale of your income. You may need to complete a self assessment tax return. An accountant can help with that, and with advice on capital gains tax. You will presumably have a solicitor dealing with the transfer of the house already.

Keep_pedalling

Did your mother’s will give your father a life interest in her share of the property with it coming to you on his death? That would be the normal way to do it and it would avoid CGT if you sold the house.