Thanks for your question.
Capital gains do need to be considered - as to whether any gain has been made from the sale price less the inherited value price. (So you need to establish the value of your share at the time you inherited it)
Costs to transfer the property into your name and fees to sell your share can also be deducted.
If what is left still shows a profit (gain), if it is less than £10,100 for this tax year, there will be no capital gains to pay.
If the amount is more than £10,100 - then any amount over and above this exempt limit with be liable to 18% tax.
A gain should be declared to HMRC the following 5 April after the sale has taken place - by completing a self assessment tax return to declare all income and a capital gain page completed for the gain made.
The tax must then be paid - the following 31 Jan
So if you made a gain on part share that was made Oct 2009
Declare this after 05/04/2010 on 2010 self assessment tax return
Tax must be paid no later than 31/01/2011
If you need any help with figures - then let me know
1) Date property inherited and your share of the value at that time
2) Costs to transfer property into your part name (your share of costs)
3) Whether you ever lived in this property since taking part ownership - if so provide dates (as some of the gain may be reduced by private residence relief)
4) Sale price and date sold
5) Costs to sell your part share