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The rich can afford to find ways to avoid it. They have access to solicitors, accountants, tax heavens etc.
The 7 years rule has to go for sure.
A good friend of mine had his parents sign over the family farm and industrial property to him recently. If one of his parents survive for 7 years, there will be no IHT payable. Property portfolio probably worth upwards of £40m (on the basis that lots of it is ikely to get planning permission for housing development).
Edit: Just to add, the land was bought by his Grandad for about £100k in the 1950s. Adjusted for inflation, about a x13 increase in value.
Stonehedge
NotThamesWater
The rich can afford to find ways that avoid it. They have access to solicitors, accountants, tax heavens etc.