Not a Tory but I actually agreed with this. Inheritance tax was originally envisaged as a tax on the rich but the problem is that the threshold hasn't been increased with inflation each year. More and more middle class people are having to pay it - particularly with house price rises in London and the South East. If it had gone up with inflation it would be well over £1million. Surely you need to have at least a million in this day and age to be rich.
I don't think "�325K" is "Intergenerational Wealth"
I think it is, it's unearned income. The problem is that it compounds. It won't make a great deal of difference to me, but for my children and their children, it will be an issue.
The baby boomers represent the first en-masse property owning generation. The reason IHT is becoming an issue is becasue that generation are now croaking it having amassed wealth that their parents didn't.
I'm not bitter or jealous (I'd stand to benefit from an inheritance). I just don't think that IHT is as bad as some people make out. It just doesn't bother me.
I work with a guy who will almost certainly breach the �1m limit. He takes exactly the same view that I do (he's right of centre on most other things too) which is that his children have had real advantage in being in a household in the top percentile, in terms of income/wealth (all of it earned) He's not planning on leaving them anything substantial. It's not that uncommon among the wealthy.