Amelia gave 10,000 ordinary shares in Beta pl, an investment company, to her nephew John on 15 July 2016. On that date the shares were quoted at 2.72 - 2.80 and had recorded bargains at 2.71, 2.74, and 2.75. Amelia died on 30 September 2022. John had sold the shares in August 2021 to a third party for 20,000. Amelia had made one previous lifetime gift of cash of 500,000 in December 2017. Required: Calculate the value of the Beta ple shares on which Inheritance Tax is payable on Amelia's death, showing the amounts of any exemptions or reliefs available.