The inheritance tax nil-rate bands are already set at current levels until April 2026 and will stay fixed at these levels for a further two years until April 2028.

The nil-rate band will continue at £325,000 while the residence nil-rate band will continue at £175,000, and the residence nil-rate band taper will continue to start at £2m.

Qualifying estates can continue to pass on up to £500,000 and the qualifying estate of a surviving spouse or civil partner can continue to pass on up to £1m without an inheritance tax liability. The government will legislate for these measures in Autumn Finance Bill 2022.