My sister and I will shortly jointly inherit our mother's house valued at approximately£185k. We had just started to rent it out whilst it is still in her name in order to top up her care home fees. Other than income tax on the rental income, are there any other tax implications we need to take into account if we opt to sell it after renting it for 6 months? Wil it be classed as a second property for stamp duty for example? We are tied in to a 6 month contract with the letting agents (signed half an hour before our mother was admitted to hospital) but wonder if it is better to default on that ( no tenancy yet agreed) and pay the default fee if we are going to be liable for the stamp duty and CGT on the sale (there is no mortgage on the property and as we didn't buy it would we have to pay CGT on the whole sale price?)
Apologies for lots of questions about this and any help is
much appreciated.
Many thanks
Louise
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