The government has extended by a further two years the period for which the current figures will continue to apply. The following is an extract from the HM Treasury document CP751, entitled Autumn Statement 2022 (para. 5.19), with paragraph spacing added for greater clarity:
“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 2 years until April 2028.
The nil-rate band will continue at £325,000, the residence nil-rate band will continue at £175,000, and the residence nil-rate band taper will continue to start at £2 million.
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 £1 million without an inheritance tax liability.
The government will legislate for these measures in Autumn Finance Bill 2022.”