Details again in the above link.f you receive a gift or inheritance of a house that has been your main residence, it may be exempt from tax if you do not own or have an interest in any other house. There are conditions on how long you must be resident in the house before and after receiving the benefit. For more information on Dwelling-House Exemption see the 'More about this topic' tab at the top of this page.
If a child is resident in a property you own and have no holding in another property they may be able inherit this tax free
Neither really, to be honest.Does this mean 'can't have any holding in another property at the moment of inheritance' or 'can't have ever had any holding in any other property'?
[broken link removed]What is the relief?
The dwelling-house will be exempt from tax provided certain conditions are met.
Dwelling-house relief applies to gifts and inheritances.
Conditions for the relief
The following conditions must be met:
The beneficiary must have occupied the dwelling-house continuously as his or her only or main residence for a period of three
years prior to the date of the gift or inheritance. Where the dwelling-house has directly or indirectly replaced other property,
this condition may be satisfied where the beneficiary has continuously occupied both properties as his or her only or main
residence for a total period of three out of the four years immediately prior to the date of the gift or inheritance.
The beneficiary must not, at the date of the gift or inheritance, be beneficially entitled to any other dwelling-house or to an
interest in any other dwelling-house.
The beneficiary must continue to occupy the dwelling-house as his or her only or main residence for six years from the date of
the gift or inheritance. Where the dwelling-house is directly or indirectly replaced by other property, this condition may be
satisfied where the beneficiary continuously occupied both properties as his or her only or main residence for a total period of
six out of the seven years commencing on the date of the gift or inheritance.
This latter condition does not apply if the beneficiary was over 55 years at the date of the gift or inheritance or has died.
A beneficiary, absent during any time through an obligation to work abroad is considered to remain in continuous occupation of
that dwelling-house.
No. The child would have to hold the property for six years to avoid a clawback.Also, let's say one child fit this category and so inherited the property and paid no tax. Could that child then split the property with any other siblings without incurring tax liability?
Neither really, to be honest.
No. The child would have to hold the property for six years to avoid a clawback.
Not to mention....
This would be treated as a single transfer from the parent to the children as the middle transfer (parent to child, child to other children) would be viewed as a transaction simply to avoid CAT.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?