Tony died on 11 July 2021, leaving an estate which was valued at £900,000. None of the transfers made on his death were exempt from IHT. He had made the following transfers during his lifetime: 

Calculate the tax payable as a result of Tony's death. (Assume that there is no unused nilrate band to be transferred from a previously deceased spouse or civil partner and that Tony's residence was not left to a direct descendant).

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3 May 2013 1 July 2014 1 August 2014 10 November 2015 Gift to relevant property trust (tax paid by trustees) Gift to daughter Gift to son Gift to relevant property trust (tax paid by Tony) 113,000 185,000 250,000 447,000