Angelique died on 31 December 2019. Before her untimely death, she was a resident and domiciled in the UK. Angeliques death estate comprised of the following:

Bank accounts 15,070

Cottage 300,000

Shares in Pill Box Pharmaceutical plc 120,000

House in Southampton 750,000

Unincorporated trading business in Luton 230,000

Motor van 25,000

At the time of her death, Angelique owed income tax to the tune of 2,500. In addition to the above, she owed her credit card company 1,700. Angelique has owned the trading company for about 15 years.

Angelique left behind the following will:

Wife House, shares in both the quoted company and unquoted businesses

Daughter Cottage

Brother Residue

Son-in-law Motor van

Angelique had made only one lifetime gift of 100,000 in cash to her daughter, Naomi. This gift was received by Naomi in August 2016.

Required: Compute the inheritance tax payable on Angeliques death.

[25 Marks]