Hi wondering if you can help.
My Parents bought a building plot around 20 years ago and built a house which they never lived in but rented out. My Dad died 5 years ago and I inherited his half share, the house being valued at the time at £400k. We are considering selling now but concerned about the tax liability. The house is still worth £400k so my understanding is I would have no tax to pay on my £200k share because of the 'uplift on death' rule, but what about my Mother, how much tax would she be likely to pay, what costs can be deducted from the taxable amount and is there anything that can be done to minimise her tax liability. Would living in it briefly enable her to apply a lettings allowance?
Any advice would be much appreciated, many thanks.
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