I most certainly can argue that the state of the country was far worse than in 74. Denis Healey was the worst Chancellor I've know in my 66 years of life. The economy was in such a state, he was bringing out a new budget every three months to try and bring it under control, and failing...
That's taking into account the very low prices of houses in the north. In Sussex, an end terrace house is selling for £200K.
Imo, Inheritance tax threshold should rise to £600K.
One problem with IHT, is that it has to be paid within 6 months of the death. Given that probate has to be granted which takes time, and even worse if there is no will, the offspring quite often have to borrow to pay the tax before receiving the inheritance. More expensive properties also take...