The rates and allowances for Inheritance Tax were unaffected by the Budget on 22 June 2010. Previous forecasts by the Conservatives of raising thresholds to £1m per person came to nothing as the need to raise as much income from taxation as possible became apparent once the new Government took over. It looks as though the existing rates and allowances will remain for the lifetime of this Parliament at least.
As a result you need to review existing Wills or if you have no Will then make one, to protect your Assets for your own future and that of your nearest and dearest.