Selling family home

[chrisdel]

My mother (sole owner due to seperation) signed her house (family home 130K) over to me 2.5 years ago but has remained there until a few months ago. It was agreed I could sell it when she moved out which is what I intend to do. A year ago I remortgaged it (47K) to help finance the purchase of my own house with my partner. It has never been rented out and I never received money from her while she was there which we also agreed would be the case.

Now that she's moved out I wish to sell it to pay off the mortgage I took out on it? I moved out 10 years along with my other siblings. I also wish to give my them (3 siblings) some money from the sale which would be considered a gift from my mother.

Do I have to pay CGT? If so how much? Are there other tax/legal implications I need to consider?

 

[ClubMan]

If your mother was living there and no rent accrued to you and the house was never rented out otherwise then I believe that you would not be liable for CGT on the sale even if you had your own home/PPR in the meantime. There is a Revenue rule which allows for an individual to effectively retain owner occupier exemption from CGT and stamp duty on a non PPR property where the property is made available to a family member to reside in and no rent accrues. See this thread. However I am not a tax expert so you might want to double check this with an independent, professional tax advisor.