Any tax due on property sale?

geoff_hd

Hi,
My sister and I inherited a house when my mother passed away in 1995. At the time the property was valued at £24,000.
We lived in the house until January this year when I moved out. My sister now intends to buy out my half of the property. It is now worth £115,000. I am now living in a property I bought last October. Will I be liable to any tax such as Capital Gains Tax when my sister buys out my half?

Thanks for looking.

Murdina

The gain should be wholly covered by PPR - the final period is covered by the last 36 months exemption for any house that was ever your PPR. Might be as well if your sister is within SA if she discloses the gain on her return at least in broad terms to avoid a silly enquiry. If not within SA, no worries.

geoff_hd

Murdina,
Many thanks for reply.