When Rachel Reeves proposed to end the exemption of agricultural property from inheritance tax (IHT) in her first autumn budget, it ignited a small revolution. Dubbed the ‘tractor tax’, it became a rallying point for a Barbour-clad Nigel Farage, who joined the farmers’ protests and pledged to abolish the tax altogether. A progressive IHT is one fair and efficient way to achieve that goal. Currently, IHT tax is paid on fewer than five per cent of UK estates. Thatcher’s mass privatisations siphoned public wealth into the pockets of Boomers, primarily through housing stock.