My mother gifted her house to myself and my two brothers over 30 years ago. She lived in her house until she passed away in February. Do we have to pay capital gains tax (CGT) when we sell the house? If so, at what rate? We all have different circumstances. 

Arthur Weller replies:  

Answer: Since you acquired the house 30 years ago its value then is your base cost, and if you sell it now then you are liable to CGT on the increase in value between 30 years ago and what you sell it for. It may be worth speaking to a tax adviser, because if the house was held on trust and your mother was entitled to occupy it as the beneficiary, possibly you could get principal private residence relief on its sale; see HMRC’s Capital Gains manual at www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg65400. The rate of CGT is 18% for any part of the gain that falls below the higher rate threshold, and 28% for any part of the gain above it.