The nil rate band for inheritance tax will be frozen at £325,000 until April 2021. However, as previously announced, a further amount may be left tax free when a residence is passed down to descendants. The additional amount is:
£100,000 in 2017/18
£125,000 in 2018/19
£150,000 in 2019/20
£175,000 in 2020/21
However, the additional relief will be tapered away for estates worth over £2m
The relief will also be available where a person downsizes, and further details of how this will work will be published later in the year.