Signing over share of inherited house - implications?

[Morecan]

My sister and I inherited a house over 10 years ago and she would now like to buy my share. What would the tax implications be, and does anyone know how we would go about arranging something like this?

Presumably it was transferred into your joint names when you inherited it, and any inheritance tax payable at that time has been cleared?

If so, then whether any tax is payable depends on whether you and/or your sister have occupied it. If it's been rented out then Capital Gains Tax will be payable.

Thank you mumblechum - that's helpful.

You will need a solicitor for the conveyancing aspects.
There may be stamp duty land tax on the purchase depending on the value of the property.
Capital gains taxed is charged on the difference between the acquisition value (so in your case the probate value) and the current market value. I suggest you get a professional valuation done for this aspect to in case HMRC query it.
You have an annual exemption each for CGT currently £11 k.
Tax ix charged at 18% or 28% or a combination of the two depending on the level of your other income in the year of disposal.
You will need to complete a tax return to declare the gain so must notify HMRC.