Help understanding CGT after inheritance and then living in property

[nw80]

Hello,
My brother and I inherited my mum's house in 2020. We now jointly own the house (can't remember when changed land registry but probably 2021). Both my brother and I lived abroad at the time. I've been living in the house over a year now. I'd like to try and buy the other half from my brother. I just saw something about capital gains tax (never even occurred to me before today) and am now really worried what this means for both me and my brother. Neither of us owns any other property. Does anyone understand how this whole thing works?
Thank you

You would have inherited it at a probate value which is the base cost for CGT.
If your brother sells you his half then he'd calculate his gain as the uplift (if any) from 1/2 the probate value to 1/2 the current value (as a connected person sale you'd have to apply market value to this calculation, not just what you agree between you).
He's then got an annual CGT allowance to offset against any gain.

Residential property CGT returns have to be made within 60 days of completion now https://www.gov.uk/guidance/capital-gains-tax-for-non-residents-uk-residential-property#:~:text=You%20must%20report%20and%20pay,2020%20and%2026%20October%202021

Your CGT position won't be relevant until you eventually sell, when your base cost will be 1/2 probate value + the value assessed on your brother.

You will have a period when it wasn't your principal private residence before you moved in, which will lead to a percentage of any gain being potentially liable to CGT. The longer you live there the smaller this percentage will be. You'll also have your annual CGT exemption.

Ok, thank you for that. I think I read somewhere that you can have exemptions for the time you aren't in the property under certain conditions. Would living abroad count towards that? Or is there anything else we could do for the time before we lived here? We got held up by covid, me being pregnant and my partner's UK visa or we'd have been back in the UK sooner.
Thanks again. Feeling really stressed and upset about this as the house is costing us loads in repairs already

If you’d me buying your brothers share presumably you have a solicitor for the transfer of equity they would be best placed to advise on any potential CGT/ SDLT payable.