The Bunker – News without the nonsense Inheritance Tax – Is everything we know about “Britain’s most hated tax” wrong?
Mar 10, 2026
Dan Kemp, former Global CIO at Morningstar and founder of Portfolio Thinking, brings investment and fiscal-policy expertise. He tackles why inheritance tax provokes strong feelings despite low revenue. The conversation covers frozen thresholds and rising property values, how inheritances shape middle-class hopes, messy exemptions like farm relief, the Bank of Mum and Dad wealth transfer, and calls for simpler, fairer rules.
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Why Inheritance Tax Became A Bigger Issue
- Inheritance tax has become more prominent recently due to frozen thresholds and rising asset prices.
- Dan Kemp traces the public consciousness shift to around 2009 and decades of house price growth pushing more estates into the net.
Solicitor First Asks About Inheritance Tax
- Dan Kemp recounts ringing his solicitor to update his will and the solicitor immediately asked about inheritance tax.
- He wasn't personally worried, but the solicitor's first focus shows how IHT dominates estate conversations.
Assets Have Outpaced Wages Driving Inequality
- Asset returns have outpaced wages, concentrating wealth into fewer hands and making inheritances more important.
- Kemp notes stocks and house prices have grown much faster than labor income since the financial crisis, shifting capital's share upward.