US capital gains and inherited money

Hi

I have lived and worked in the UK since 2004.  Always filed taxes using a taxes for expats type firm and FBAR so taxes all up to date.

My mom died in June 2015 and left her house which was fully paid off to my sister and I.  I remained in the UK and sister lived in the house every since.  The deed didnt go into our name however until Oct 31, 2017 as probate courts are so backed up.

Now sister wants to sell.  I returned to the USA April 7th this month and started a full time US job April 9th this week.  Have to be here for sale process as sister is being a jerk. Plus I dont own anything in UK and wasn't working.

I know theres a rule about living in the house 2 years to avoid capital gains.  Does that mean from the day mom died June 2015 or does that mean from the day deed went in our name Oct 2017?

Will UK tax me on the proceeds of the house?  Or on any inherited money due to me in the coming months from my grandmothers passing a few months ago? That money is still in probate and not in my name.

I suppose that means for UK purposes as of this new tax year 2018 the US job, sale of US house and US inherited money is new for the year 2018 since I moved home April 7? 

So confused. Not sure if I want to return to the UK to buy a flat and get a new job there or if it will be a bad financial move and I should just stay in the USA now.  I am a dual citizen.

How does the UK know you own a property and inherited money anyway~?

As far as the UK tax system is concerned, you would never be liable to UK tax on the value of your inheritance. If for 2018/19 you are a UK resident you would be liable for capital gains tax on the sale of your half of the house.

Your base cost would be 50% of the market value of the house as at the date of your mother's death in June 2015. You would get the annual capital gains tax exemption. Overall you might not have a large UK capital gains tax liability. Further, you would get a credit for any US tax payable on the gain.

If you stay in the US, you might not be UK resident for 2018/19. Your position would depend on the exact facts. The UK position is set out in the Statutory Residence Test. The SRT can be complex to apply.

From a UK perspective any gain on your share may be larger than you think because of the sharp fall in the value of Sterling. I suggest discussing UK US planning with your existing tax adviser.