This is Money is a Daily Mail owned brand. Like a lot of Mail web content trying to see through the outrage and get to the facts is a Herculean task.Anyhoo, now that the messengers have been put up against the wall and shot, what are people's thoughts on the Labour idea of setting inheritance tax at £125,000? The average house price in the UK is £236,000 which would lead to a tax bill of over £44,000 payable within 6 months. Is this fair? What about the idea of a lifetime £125,000 inheritance limit? - https://www.thisismoney.co.uk/money/comment/article-7233637/Labours-threat-inheritance-125k-lifetime-gift-tax.html
Reform of the present system is long overdue. Whether a lifetime allowance is the right sort of reform or, if it is right £125k is the appropriate level, is up for discussion.
The problem with a lifetime allowance is tracking it's use. In last ten years of her life my Mother gave me gifts of a few hundred pounds here and there towards a holiday or some costly household item. Do those count? What if they're out of surplus income rather than capital?