Paul died on $31$ December $2023.$

The value of his estate was $580,000.$

Under the terms of the will, Paul left a cottage worth $130,000$ to his wife and the balance of the estate to his son, Stephen. The estate did not include a main residence. Paul verbally promised to pay school fees for his nephew totalling $30,000.$

Acting on advice that lifetime giving can reduce inheritance tax payable on death, Paul made the following transfers of value during his lifetime:

$(1)$ On $3$ June $2014,$ he made a gift into a trust. The gross chargeable amount of the gift was $275,000$ and the lifetime tax payable was $55,000.$

Paul had previously made a chargeable lifetime transfer of $350,000$ in May $2009$ that fully used the nil rate band available to the gift to the trust on $3$ June $2014.$

$(2)$ On $1$ November $2017,$ he made a gift of $415,000($after all exemptions$)$ into a trust. Paul paid any IHT arising on the gift.

$(3)$ On $1$ July $2021,$ he gave $6,000$ to his niece on the occasion of her wedding.

The nil rate band from $2009-10$ onwards is $325,000.$

How much IHT was payable in the tax year $2017-18$ when Paul made the gift into the trust on $1$ November $2017?$

$73,000$

$91,250$

$103,750$

$83,000$