Advice re sharing out proceeds of house

[Mouselady]

Can anyone help with some advice pl.
A house is owned outright by a family member who would like to sell it this summer and distribute the proceeds amongst four of us. Presumably, capital gains tax will be paid on the whole amount as it is not her main residence.
Is it legal to just share out the proceeds, and are there any tax implications for me personally (it would mean a windfall of about £40,000).
Grateful for any advice.

Depending on your relationship and how long the relative lives you may have inheritance tax liability longer term plus income tax on any interest.

Thanks for such a quick resp.
The relative is early fifties and in good health, god willing.
So it may be OK to receive this money and then declare any interest on it on my 08/09 tax return.
So long as this is done, I'm not doing anything illegal by receiving it, she's not doing anything illegal by giving it?

Don't think so but you are only allowed to "gift" so much per year so over and above this could become liable for Inheritance tax retrospectively should she unfortunately die within 7 years ie. be treated as part of her estate at the time. Howver I think the liability is that of the donor rather than recipient.This may help