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The inheritance tax (IHT) nil rate band will remain frozen at £325,000 until April 2021, and the rates of IHT payable on death remain unchanged at 40% or 36% where at least 10% of the net estate is left to charity.
The government will consult on extending the existing IHT exemption for the estates of members of the armed forces, whose death is caused or hastened by injury while on active service, to members of the emergency services.
Additional nil-rate band (the 'residence nil rate band' (RNRB)) was introduced from 2017/18 and applies when a residence is passed on death to direct descendants. The RNRB is being phased in between 2017/18 and 2020/21 as follows:
£100,000 in 2017/18
£125,000 in 2018 /19
The value of RNRB is tapered away at £1 for every £2 by which the value of the total estate exceeds £2 million.
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