extra tax-free residence allowance

The extra tax-free residence allowance is often cited for estates that have a home residence worth over GBP650,000 for a married couple but does the basic allowance have to be used first on the family home? I wondered about the following scenario, a couple have an investment property worth GBP650,000 at the time of death and a family home worth GBP350,000, can they utilise the joint basic allowance of GBP650,000 first on the investment property then the GBP350,00 will still be available if they leave this lesser valued family home to their children?

Hi,

Please contact our Inheritance Tax team for advice.

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Thank you.