Tony died on 11 July 2022, 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:

£

3 May 2014 Gift to relevant property trust (tax paid by trustees) 113,000 1 July 2015 Gift to daughter 185,000 1 August 2015 Gift to son 250,000 10 November 2016 Gift to relevant property trust (tax paid by Tony) 447,000 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).