CGT on gifted property; dependant relative rent free

[kdix]

Good afternoon,

I have a question about potential Capital Gains due on the sale of my mother’s house following her recent death (question at the end).

FACTS:
My mother was widowed in March 1979.
She bought a newly built bungalow in 1987 (in Scotland) and lived there, on her own, until her death on 4th May 2017.
On 26th July 1994 she transferred the property equally to her 3 children (me and 2 siblings). A legal document was signed by all of us which included the following phrase:-

”...hereby reserved to me [i.e. our mother] the liferent use of the subjects hereby disponed with the exclusive right to occupy the same during all the days of my life”.

The property was officially valued at £145,000 in Sept 2002 and has just been valued today at £270,000.

QUESTION:
I would like to know if we (myself and 2 siblings), as joint owners, will be liable to pay any Capital Gains Tax when we come to sell the property and, if so, is it possible to give a ball park calculation/figure our liability? (I am a higher rate taxpayer and both siblings are basic rate)

Many thanks
Ken

[maths]

It would seem that your mother effectively settled her property on trust for herself for life with the 3 children acting as trustees. On mother's death the trust terminates and the three of you each take your share at the value at date of death.

Capital gains tax charges arise when the three of you sell your interests. The gain is the difference between sales price and value of property at date of death.

[kdix]

Many thanks for that reply.
I'm fairly certain the property was not put into any kind of trust. It was just a straightforward disposition/transfer to myself and 2 siblings.
I'm assuming that because my mother lived there rent free that this would be considered a gift with reservation if benefit (GROB) and so we'll need to pay our shares of the gain from when it was transferred to sale (it'll be under the current IHT threshold).

One last QUESTION: As I'm married, can I transfer half of my gain to my wife and make use of both our CGT allowances?(even though my wife had no ownership/interest in my mothers property). That would be great to know! .

Thanks.