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The Family Home
The Family Home, in most cases, is earmarked to pass on death of the last surviving parent, by inheritance. Where all adult children have already left the nest, the original family home is often sold and the proceeds split in equal shares amongst the children.
The Dwelling House Exemption may also be considered. If all conditions under CAT legislation are satisfied, the beneficiary (e.g. a child) may obtain the family home tax free without utilisation of their Class A tax free threshold.
Ideally a particular beneficiary who could claim this relief and who would have a desire to live in the Family Home should be identified. This could then shape the wider succession plan. Having earmarked the family home for one beneficiary, you can focus on equalising the Estate by allocating other assets to remaining beneficiaries.
Dwelling Home Exemption Rules
Not surprisingly there are a number of strict rules to be satisfied. The recipient must be occupying the family home for a period of 3 years before and 6 years after the date of inheritance and must not have an entitlement to another dwelling house at the date of inheritance.