Property inheritance

[yerbamate]

My parents house was transfered to me legally in 1994, when both were alive. My mother passed away, then my father this May. The house is being sold by myself.
My question is, will I be liable to pay any tax on it.
Thank you in anticipation.

[dzug2]

Did you live in the house?

If you didn't did they pay you rent?

[yerbamate]

No rent was ever paid

[yerbamate]

I was living there when it was transferred, but not lived there for 15 years

[bednobs]

really not sure but if it's not your residence i think you have to pay capital gains tax

[scotman]

Who was paying the rates/council tax? Who paid for redecoration or maintenance etc during this period?

[fredpuli47]

It's exempt from the calculation of the estate's value for inheritance tax, hence tax-free, provided it was not ' a gift with reservation'. that is provided that neither of your parents retained any interest in it by living in it or using it as a second home or doing anything else to suggest that the gift was not an absolute surrendering of every right to any benefit from it.
If you are thinking of capital gains tax,there'll be something to pay on sale unless the property was your 'principal residence'. (If you own two or more residences you have to declare one of them as principal residence. The Revenue don't care which. It could even be a house you never lived in but they won't be keen to accept a property which is clearly let as an investment property throughout !)

[dzug2]

This sounds very much like a gift with reservation - your parents continued to live in the house rent free.

In that case you may have to pay IHT (if the estate is large enough) and possibly CGT as well.

You need expert advice.