Hi.
I previously sought advice and it was looking possibly like capital gains tax was due. However, the situation is changed slightly as outlined below previously I thought my father around the house. I'm just wondering if the fact that he didn't technically own it changes the situation in regards to capital gains taxes, I suppose also how do I go about doing the tax return if capitals gain tax is payable.
I'd like to provide an update regarding the estate matter. Following my mother's passing in 2003, my sister was appointed executor of her estate. However, she didn't complete the necessary administrative tasks, including transferring ownership of our family home to my father's name. As a result, my father resided in the property for 19 years without technically owning it.
After my father's passing in Dec 2022 , our probate lawyer in the UK instructed my sister to sell the property Oct 2024, probate took a long time. The sale commenced in October last year, and the property was sold in June this year. I covered the costs associated with marketing, legal fees, conveyancing fees, clearing the house, and updating the property to facilitate the sale. The proceeds from the sale were transferred to my father's estate, and our probate lawyer finalized the accounts before distributing the funds to me.
Could you please advise on the tax implications of this situation, considering my father didn't technically own the property but by default he received all asserts of my late mother. I'd appreciate your guidance on how this affects my tax obligations.
Thank you for your assistance.
Best regards,
Your Name
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