Jointly inherited property and CGT

[wolfysmith]

Hi

I have filled in my own self assessment for a number of years now which has been relatively simple but this year I think I need to account for the disposal of a jointly inherited property.
My siblings and I have NOT used this property as a main residence since the inheritance.

Qu 1. Do I do this by ticking the box asking about chargeable gains in the first page on tailoring return?
Qu 2. I don't believe we are liable for capital gains tax for reasons below - should I still fill this in?

I don't think my siblings and I are liable to capital gains tax because
i. we inherited on my mother's death in 2007 but her Will included a condition that our father remained in property as a 'liferent'. My father died in 2011.
ii. Our first home report valuation of the property only occurred in early 2012 - the selling price in 2015 was less than the valuation in 2012.

Qu 3/4. Would a capital gains charge be based on change in value between 2007 and 2015 or between 2011/2012 and 2015. If it's the former, then how would I get a market value relevant to 2007?

Many thanks to anyone who takes the time to read/reply.

Stewart

[maths]

On the face of it you/siblings inherited the property on the death of your father who appears to have acquired an interest in possession on the death of his wife.

On father's death the trustees would be deemed to have disposed of the property at market value at date of death of father and re-acquired it to be held for you/siblings.

Any gain arising between date of death of father and date of sale is in principle subject to CGT on part of you/siblings.

Capital gains need to be reported if capital gain (for the individual) does not exceed the annual exempt amount for the tax year of sale (and consideration is not more than 4 times the annual exempt amount).

I assume mother owned 100% of the beneficial interest in the property at date of her death.