Capital Gains Tax
Hi hoping someone can help me understand this.
Mom died in 2023. My sister lives in her house as she was her carer. We are selling the house and splitting it equally between us.
I know my sister shouldn’t have to pay CGT as it is her only residence. But I think I have to?
I have a mortgage and live in another house.
House is listed for 220K was valued at 200K at probate.
No other assets and Mom was well under the threshold for inheritance tax.
Can anyone confirm what the percentage of CGT is now please? Also what expenses can be deducted before applying that percentage and is it just on my half or the whole house?
Am finding this all so confusing. Thanks in advance. X