Page 35 - CPB March 21st

Equity
Guernsey Financial Services Commission
HMRC Inheritance Tax
The value of a property less the charges and debts secured against it by way of a mortgage.
The regulator of insurance companies and other businesses in the financial sector in Guernsey.
Her Majesty’s Customs & Excise, the taxation authority in the UK.
Inheritance Tax is a tax on the estate (the property, money and possessions) of someone who has died.
There’s normally no Inheritance Tax to pay if either:
• the value of your estate is below the £325,000 threshold
• you leave everything above the £325,000 threshold to your spouse, civil partner, a charity or a community amateur sports club
If the estate’s value is below the threshold you’ll still need to report it to HMRC.
If you give away your home to your children (including adopted, foster or stepchildren) or grandchildren your threshold can increase to £450,000. If you’re married or in a civil partnership and your estate is worth less than your threshold, any unused threshold can be added to your partner’s threshold when you die. This means their threshold can be as much as £900,000.
An agreement to take out a loan using a property as security.
Some people with long-term complex health needs qualify for free social care arranged and funded solely by the NHS. This is known as NHS continuing healthcare. It is very difficult to obtain.
Mortgage NHS Continuing Healthcare