In expectation of the budget it got me thinking - why isnt Labour aiming to tax those who have trusts and are substantial asset rich rather than grandparents who live in London and are cash poor but own their hose. Is it because it's easier or because they dont actually want to tax those who really are asset rich?
Most of my friends whose parents were working class or lower middle class barely have any savings but do have a house in London (we all live in London). Most of my friends whose parents were always middle class have multiple pots of savings, properties and very good accountant - so they will never pay the inheritance tax.
We all live in London and unless you have help from your parents - it's very hard to buy a property. I think a lot of my friends do expect some inheritance from their parents to pass to the grandkids to help them buy a house. But the difference is that those who have always been middle class will be able to do that, those who basically dont have clever accountants and family experience of managing wealth will be taxed. Is that fair? Are we basically taxing people without clever accountants? Why not go for the trusts and clever financial schemes if you want the true middle and upper classes as well as large funds to pay up.