|The tax implications are as follows.
you have obviously paid off any inheritance tax so lets assume the land was valued at £100,000 for IHT.
If say you sell this land today for £200,000 you have a CGT of £100,000.
I think you have 2 siblings each having an equal share.
Each sibling has a CGT allowance of £11,700 so 3 X £11,700 equals a total allowance of £35,100
a Taxable gain of £100,000 - £35,100 = £64,900
Now it gets complicated as the tax rate varies according to the individual
Each individual will have a gain of
£16,225 and they will probably pay tax at the 18% rate i.e. £2,920 . However if they are higher earners I believe it could be 28% , thus £4,543.
However I must emphasis I am no accountant, tax expert, or other wise
Do take advice from a properly qualified account.
You may be able to split the property in 2 lots and sell them over a period of 2 years or even 3 reducing this bill to near zero as you have a Tax free allowance for every year of transfers
Also my calculations may be totally wrong!