> The little people without access to great lawyers and accountants got absolutely hammered when it got applied to them.
In the tax year 2021 to 2022, 4.39% of UK deaths resulted in an Inheritance Tax
Inheritance tax only kicks in above £325K of assets. If inheriting your parents home the threshold increases to £500K (and increases again to £1M if both parents die).
That's hardly hammering the little people.
https://www.gov.uk/inheritance-tax
https://www.gov.uk/government/statistics/inheritance-tax-lia...
> That's hardly hammering the little people.
Agree. It hits the (upper) middle, as with most of the tax code afaict.
I rarely resent paying tax until I see how little people earning multiples of me get away with paying.
There are always unintended consequences. (This isn't an argument for not having an inheritance tax, it's an argument for being clear-eyed about the trade offs).
In the case of inheritance tax, it has resulted in a lot of British cultural treasures being shipped to the US to be auctioned.