My parents transferred their property to my brothers and I a year and a half ago. They have now moved out and we are selling the property. What are the tax implications for us? 

Arthur Weller replies:  

Your base cost for the capital gains tax purposes is the market value of the property on the date your parents transferred it to you. Since that was only a year and a half ago, quite likely the capital gain for you is nil, or small (I presume that after they transferred to you there was no trust arrangement allowing them to live in the property). As for inheritance tax (IHT), the 'seven year clock' starts from when your parents move out of the property, since all the time they were living there it was a ‘gift with reservation’ for IHT purposes (I presume that they didn't pay you a market rent while they were living in the house).