My sister and I inherited our family home in 2012/2013. At that point I did not live there anymore. A year later I moved to Germany. My sister continued to live in the property but now agreed to sell it. I was positively surprised that I would not have to pay taxes on the income from selling the house in Germany until I realised that the UK has created a Capital Gains Tax (CGT) for non-residents that are selling a residential property in the UK. So it seems that this applies to me, while my sister will not have to pay CGT because she lives in that property.
Apparently, there are three methods of of calculating the non-resident CGT: rebasing, straight-line apportionment and gain over whole period. The first depends on the value of the property on 5 April 2015.
Is there any way to retrospectively obtain a credible estimate of the value of the house at that time?
All calculations depend on the value of the property when our father died. We have had an estate agent in at the time providing an estimate. I think this was necessary to determine our liability for inheritance tax. However, estate agents state generally that their quotes are "for marketing purposes only" and may not reflect the true market value at that time. So, here we have another relatively loose point of reference. It seems quite a bit of guesswork involved in determining the tax due. Do you have any advice of how to approach that?
Will the solicitor/conveyancer pay the tax or do I have to take care of that?
Is there anything else that is relevant in determining the tax owed to the UK as a non-resident selling UK residential property?