Readers’ stories ‘I’m giving my home to my grandchild but fear legacy will be squandered’

The Daily Telegraph has launched a campaign to scrap inheritance tax, which is backed by dozens of Conservative MPs.

Our readers have overwhelmingly voiced their support, sharing their stories about how inheritance tax has affected them. Here’s what they told us.

Isobel Greenshields, 80, above, Billericay in Essex

Ms Greenshields said she feels forced to transfer her wealth to her grandchildren early to avoid large tax bills.

She said: “As soon as my granddaughter gets to 18, if I put half or all of my rental house in her name, that will cut back on inheritance tax.

“But the other grandparents say they’re really much too young at 18.

“They’re likely to just sell it and go travelling or do something stupid like that.

“You’re making judgments – often bad judgments – because of these inheritance taxes.”

Francis Moss, 73, Bourne End in Buckinghamshire

Ms Moss fears inheritance tax will make it harder to help her grandchildren on to the housing ladder.

She said: “House prices have rocketed and we’ve always been very frugal and always put all our money into housing. We’ve been lucky but there’s now a big chunk of money invested in our house.

“We are in our 70s and 80s so we need to think about this. If inheritance tax was scrapped, that money could go to our grandchildren to help them on the housing ladder.

“Inheritance tax was all meant for the wealthy: we certainly are not that. The Conservatives might actually win the election if they abolish inheritance tax before it is due.”

Bernard Kerrison, 75, London

Mr Kerrison feels it is unfair that loopholes let the super-wealthy avoid inheritance tax.

He said: “I’ve not managed to do any fancy schemes, I can’t go offshore.

“If you’re rich enough, you’ll pay negligible inheritance tax.

“I can’t shelter half a million quid from inheritance tax by buying a farm because you don’t even get the gate for half a million quid. But if you’ve got £50million, you put it in there and it’s tax-free.”

Cheryl Felix, 65, Marton, Lincolnshire

Ms Felix said she said she was worried about the tax bill of her late father’s £600,000 estate, before realising once she had finally understood the complex rules, she qualified for extra protections.

She said: “When I asked the tax office on the phone why the tax existed, the exact words I got were ‘it is so that the children of rich people don’t stay rich’. Appalling.”

Bill Williams, 67, St Albans in Hertfordshire

Mr Williams faced a string of delays getting probate that nearly scuppered the sale of his sister’s home. Probate is normally needed before tax can be paid. If tax is not paid within six months of death, penalties apply.

He said: “In the middle of the pandemic, my sister was diagnosed with the most aggressive form of brain tumour. She lived 12 months. We had to put her into a private care home at the end and I was paying.

“Her only asset was her house and we needed the funds released to pay my debts as well as hers. But I needed probate to sell the house.”